The Brief

The Michaels Companies announced Thursday that it has completed its purchase of Joann’s intellectual property and private label brands.

Michaels buys Joann’s intellectual property, brands

What we know:

Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of "Big Twist" yarns, which had become a staple in Joann stores over the years.

Those "Big Twist" labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online.

And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and

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