My hope for assistance in avoiding mindless fabric and yarn shopping was short-lived. In fact, it didn’t even last a week!
On May 31, 2025 the remaining Joann stores closed for good, and today – only 5 days later – the media was filled with announcements about Michaels acquiring Joann’s Intellectual Property (IP) and private label brands, like Big Twist.
My favorite Big Twist yarn is the POSH variety. It is UNIQUE and the colors are vibrant and happy. For this reason alone, I was tickled to learn about Michaels stepping up, and then I realized that I am going to need to take care and be mindful about shopping for fabric and yarn.
ALSO in the news, the oddly-phrased Joann message on what appeared to be their website had Joann mourners feeling a mixture of confusion, hope and suspicion.
Apparently the site now redirects visitors to this Michaels site:
Seriously though, I hope that the lessons of Joann’s demise are studied by the people at Michaels so they can strengthen their bottom line and become a stable craft and sewing resource in communities still reeling from Joann’s exit.
Let’s revisit the short list of “what happened” to our beloved Joann Fabric & Crafts.
- Way too much debt! By 2024, Joann had over $1 billion in debt.
- Market Challenges – online retailers (cheaper options for shoppers)
- Failed Restructuring Efforts – not recovering from bankruptcies
- Pandemic-Era Boom and Subsequent Decline – misreading the pandemic BOOM in craft shopping.
- Private Equity’s Role – this almost never ends well.
There’s plenty to learn from the collapse of a long-standing crafts and sewing brand. Let’s hope that Michaels’ leadership is in it for the long run, and has enough ego to want to AVOID being just another retail craft store disaster.
Here’s hoping Michaels’ leadership can read the demographic trends accurately, make decisions that support sustainability of the corporation for a longer term, and avoid the urge to focus solely on lining the pockets of a few at the top.
I will be pulling for Michaels to not only survive, but to thrive.
Be sure you check out The Sewing Report with Jen for her excellent summary of this latest craft and sewing news!
(C) 2025 Fiber Harmony
Fiber Harmony (Stitch 'n Dish) 