NEW YORK (AP) — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels.
The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings.
“We’re honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,” Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better “respond to rising demand” among both new and existing customers.
Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday.
With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition.
Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann’s term lenders, had been selected as the winning bidder to “acquire substantially all of Joann’s assets” and conduct going-out-of-business sales at all store locations.
Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of “Big Twist” yarns, which had become a staple in Joann stores over the years.
Those “Big Twist” labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online.
And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more.
Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
People exit a Joann Fabric and Crafts store in Barre, Vt., on Saturday, March 8, 2025. (AP Photo/Carolyn Lessard)
Store closing signs appear in the window at a Joann Fabric and Crafts store in Barre, Vt., on Saturday, March 8, 2025. (AP Photo/Carolyn Lessard)
HONG KONG (AP) — Fireworks are typically a celebratory centerpiece of Hong Kong's New Year celebrations. Not this year.
The territory will ring in 2026 without spectacular and colorful explosions in the sky over its iconic Victoria Harbor after a massive fire in November that killed at least 161 people.
The city’s tourism board will instead host a music show Wednesday night featuring soft rock duo Air Supply and other singers in Central, a business district that also is home to the famous nightlife hub Lan Kwai Fong. The facades of eight landmarks will turn into giant countdown clocks presenting a three-minute light show at midnight.
Fireworks have long been part of the city’s celebrations for the New Year, Lunar New Year and National Day. The pyrotechnic displays against Hong Kong’s world-famous skyline of skyscrapers typically draw hundreds of thousands of people including many tourists to both sides of the promenade.
Rosanna Law, the territory's secretary for culture, sports and tourism, acknowledged Tuesday that having no fireworks would affect some hotel and restaurant businesses.
The financial hub’s worst blaze since 1948 broke out at Wang Fuk Court, in the northern suburban district of Tai Po, in late November. The apartment complex was undergoing a monthslong renovation project with buildings covered by bamboo scaffolding and green netting.
Authorities have pointed to the substandard netting and foam boards installed on windows as contributing factors in the fire’s rapid spread. Thousands of affected residents have moved to transitional homes, hotels and youth hostels, struggling to recover from the loss of lives and homes that took them years to buy. The casualties pained many residents across the city.
Past tragedies in Hong Kong have forced similar cancellations of fireworks. They include the 2013 National Day festivities following a vessel collision that killed 39 people on Oct. 1, 2012, and the 2018 Lunar New Year celebration after a bus crash that left 19 dead. During the 2019 anti-government protests and the COVID-19 pandemic, multiple displays also were scrapped.
The origin of fireworks is believed to date to China in the second century B.C., when someone discovered bamboo stalks exploded with loud bangs when thrown into fire, creating the first natural “firecrackers,” according to the American Pyrotechnics Association, a U.S. trade group.
The Guinness World Records organization says the first accurately documented firework, the Chinese firecracker, was created by Li Tian, a monk from China’s Tang dynasty dating to around 618 to 907 C.E. Li discovered that putting gunpowder in enclosed hollow bamboo stems created loud explosions and bound crackers together to create the traditional New Year firecrackers to drive out evil spirits, Guinness said.
People gather at Lan Kwai Fong to celebrate the start of 2026 in the Central district of Hong Kong, Wednesday, Dec. 31, 2025. (AP Photo/Chan Long Hei)
People attend the New Year countdown event to celebrate the start of 2026 in the Central district of Hong Kong, on Wednesday, Dec. 31, 2025. (AP Photo/Chan Long Hei)
People take selfies at Lan Kwai Fong to celebrate the start of 2026 in the Central district of Hong Kong, on Wednesday, Dec. 31, 2025. (AP Photo/Chan Long Hei)
People pose for photographs at Lan Kwai Fong to celebrate the start of 2026 in the Central district of Hong Kong, on Wednesday, Dec. 31, 2025. (AP Photo/Chan Long Hei)
FILE - Fireworks explode over Victoria Harbour to celebrate the start of 2025 at Tsim Sha Tsui in Hong Kong, Jan. 1, 2025. (AP Photo/Chan Long Hei, File)
