Wednesday, June 25, 2008

Brief: Amazon acquires

In a statement today , (NASDAQ:AMZN) announced the pending acquisition of online craft and hobby retailer,

Georgia-based is privately-held and has been online since 1999.

" has built an impressive business by providing great products and excellent service for sewing and crafting enthusiasts," said Chris Nielsen, vice president of the Home & Garden store. "Over the years, we've seen a growing interest in this segment from our customers. Our acquisition of will allow us to offer a greater variety of fabrics and accessories to crafting customers."

Launched in 1999 by Stephen Friedman, has developed a significant and loyal customer base of sewing enthusiasts, and today offers a comprehensive line of fabrics in all three major fabric categories, including apparel, quilting and home decor."

Terms of the deal, which remains subject to shareholder approval, were not disclosed.

edit June 25 PM