
Michaels buys Joann’s IP and brands, expands in fabric, yarn, sewing
Craft retailer Michaels has acquired the intellectual property and private label brands of bankrupt competitor Joann – a move to attract customers who were devoted to the fabric and craft stores. Joann Fabrics set to close all 800 stores It’s been called the retail apocalypse, and it continues today with news that fabrics outlet Joann…