Overview

• On June 5, Michaels completed the purchase of Joann’s intellectual property and private label brands, including its Big Twist yarn and fabric lines.
• The retailer has rolled out expanded fabric, sewing and yarn selections in 680 of its 1,300 stores, with another 280 locations scheduled for updates by year’s end.
• More than 600 new SKUs have been added across sewing and quilting supplies, fabrics, yarns and new sewing machines from brands such as Brother and Singer.
• Michaels reported year-over-year website search increases of nearly 80% for “fabric” and 40% for “sewing,” fueling its decision to broaden the product assortment.
• Debtwire placed Michaels on its Retail Distressed Watchlist over its reliance on Chinese suppliers and the impact of tariffs, highlighting concerns about the company’s privately held financial transparency.