Party City Holdco

For generations of crafters, one beloved fabric store was more than just a place to shop — it was a creative depot. When the company shuttered its final locations last month, loyal customers mourned the end of an era. But its story may not be over. A new acquisition by a major crafts retailer hints at the possibility of a revival — or at least, a reimagining. Michaels, the national arts and crafts chain, has acquired the intellectual property of JOANN, the company announced Thursday. Joann filed for bankruptcy earlier this year and closed its remaining 444 stores in May. "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," said David Boone, Chief Executive Officer at Michaels. The move could allow Michaels to tap JOANN's once-loyal customer base and expand its reach among sewing and fabric enthusiasts. Michaels says it plans to expand its fabric, sewing, and yarn offerings with more than 600 new products from Brother and Singer, along with over 50 needlecraft kits from DMC, Loops & Threads, Clover, Fiskars, Velcro, Pellon and many others. "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," Boone said. Michaels has created this dedicated landing page, where customers can shop products once offered at JOANN. It's unclear whether Michaels would resurrect JOANN as a standalone store, but for now, customers will be able to access its inventory in Michaels locations and online. Interest in fabric isn’t fading — in fact, it’s growing, the crafts retailer said Thursday. Michaels says searches for "fabric" on its website have jumped 77 percent over the past year. In response, the retailer has made a major investment in the category, expanding fabric selections in more than 680 stores so far, with plans to reach 280 additional locations by year’s end. Online, Michaels now offers over 10,000 fabric options, from bold quilting cottons to broadcloth suited for apparel and home décor — giving DIYers, crafters, and sewists a broader canvas to work with than ever before, the company said. For decades, JOANN served a base of crafters, sewers, quilters and more. "JOANN has been a beloved destination for makers and craft enthusiasts for more than 80 years," said Tim Shilling of GA Group. Many locations initiated their going-out-of-business sales in February with all remaining shops closed by May 31. More than 100 of those stores were shuttered by the end of April. Sales at Joann had spiked after a jump during the pandemic when Americans were isolated in their homes and spent more money on sewing and craft supplies. Due to the subsequent inflation, many people had to cut back on their discretionary spending. But Cait Lambert, a marketing professor at the Wharton School of the University of Pennsylvania, said there’s more to the story. “Retail is tough, but what Joann does is even tougher,” she told the school's business journal. “They had a lot of things working against them that made it particularly tough for them to stay alive.” She says Joann’s business model was built around carrying a massive inventory to cater to crafters seeking variety. “It matters if they get rid of a velvet or a lace or a tie dye, because for somebody, that’s the thing they wanted,” she said. “They need enormous amounts of space, enormous amounts of inventory, and they’re often located in areas that have been seeing declines in foot traffic.” Joann's began as a small fabric store in Cleveland, Ohio, in 1943. The news comes as other major retailers prepare for mass permanent closures, such as J.C. Penny and Rite Aid, CVS Health, Party City, Forever 21 and more. MORE RETAIL NEWS FROM PATCH:» Mehr auf patch.com

Party City has faced growing competition from powerhouse retailers such as Walmart and Target, and increasingly occasion-based pop-up stores such as Spirit Halloween for years.» Mehr auf nypost.com

NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Party City Holdco Inc. (NYSE: PRTY) (OTC: PRTYQ) between November 8, 2022 and June 9, 2023, both dates inclusive (the “Class Period”), of the important October 2, 2023 lead plaintiff deadline. SO WHAT: If you purchased Party City securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fe.» Mehr auf businesswire.com