Michaels Buys Joann’s But Not Their Stores–Here’s What Happened

As of May 31st. Joann's stores across the US closed for good, including the Kennewick location at Columbia Center Mall, as well as Yakima, Spokane, Clarkston and East Wenatchee.

  Joann's will 'live' on at Michaels

With Joann's closing down, many wondered what would happen. Now many Joann's lines will now be sold at Michaels.  Craft, fabric, sewing and other fans are very loyal to their brands and financial experts say Michaels is attempting to win over the business of former Joann shoppers.

The company announced they have completed a buyout of Joann's intellectual property but NOT their brick and mortar stores. According to the Tri-City Area Journal of Business:

"... Michaels announced its acquisition on June 5, noting that it will add more than 600 products to its offerings, particularly in expanding its fabric, sewing and yarn assortment, according to a release. Company officials say it all is in service of becoming a go-to destination for creative people and those celebrating special moments."

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The purchase includes the private-label brands owned and sold by Joann's. They were founded in 1973, and had grown to 1,309 stores. So far, Michaels plans or has begun to offer these products in just  over 800 stores, with more to be added.

But again, multiple sources say Michaels has not purchased the actual stores.  Many of them are already being repurposed for other uses across the nation.

READ More: Not quite 3 years ago Joann's took over the old Sears store at Columbia Center.