The Michaels Companies has acquired the arts and crafts brand Joann from its lenders, including the development of Big Twist. 

Michaels will expand its fabric, sewing and yarn offerings, adding over 600 products across new and existing brands. 

“This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America,” said CEO David Boone.

Financial services firm GA Group and Joann’s term lenders, which were selected as the winning bidders for the company’s assets, decided in February to wind down the business’s ongoing operations after 80 years in business.

Meanwhile, searches for fabrics on Michaels’ website saw a 77 per cent increase over the past year, leading the brand to increase its fabric offerings across 680 stores with plans for 280 more stores this year. 

There was a 39 per cent increase in searches for ‘sewing’ over the last year, causing the brand to introduce Brother and Singer sewing machines and adding over 50 new needlecraft kits from DMC and Loops & Threads, as part of the expansion of its sewing offerings.

The company will be increasing its yarn assortment by 25 per cent this year to meet customer demand. 

As part of this initiative, Michaels will take over Joann brands including Big Twist Value Plus, Big Twist Twinkle, Big Twist Posh and Big Twist Baby Bear, which will be available in-stores and online later this year.