Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels.

What You Need To Know

Michaels has now acquired the intellectial property and private label brands of now-shuttered fabrics seller Joann

The financial terms were not disclosed

Joann announced it was going out of business in February

The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings.

“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

See Full Page