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

Michaels has acquired the intellectual property and private label brands of Joann Fabrics, which recently declared bankruptcy. This acquisition includes popular Joann brands like Big Twist and expands ...

(CNN) – Michaels is jumping into the void left by the collapse of Joann Fabrics. Michaels announced it is buying the fabric retailer’s private label and drastically expanding its sewing selection.