Michaels (literally) owns Joann fabrics after craft store buys bankrupt store’s property and brands - Michaels plans to ...

The more than 80-year-old chain formerly known as Jo-Ann Fabrics had been struggling financially for several years following a DIY-driven uptick in sales during the early days of the pandemic.

Joann Inc., the parent of hundreds of Jo-Ann fabrics and craft stores nationwide, emerged from bankruptcy court on April 30 in its best financial shape in recent decades. The Hudson, Ohio-based ...