Michaels announced Thursday it had acquired the fabric and craft retailer Joann and its intellectual property.

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

Michaels has acquired the intellectual property and private label brands of competitor Joann, which closed its stores after filing for bankruptcy.

The popular craft store also said some private label brands fans thought would disappear will now be developed for Michaels.