Michaels is hoping to sew up the business of fans who frequented the fabric and craft chain Joann , which has folded all of its stores after filing for bankruptcy.

Michaels has acquired Joann's intellectual property and private label brands – including the Big Twist brands – the craft retailer announced Thursday, June 5.

Michaels will expand its fabric, sewing, and yarn assortment by adding more than 600 products including Brother and Singer sewing machines, Oliso Smart Irons and needle crafting kits from DMC and Loops & Threads.

"This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America," said Michaels CEO David Boone in a press re

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