IRVING, Texas — Craft retailer Michaels announced Thursday it has acquired the intellectual property and private label brands of Joann Inc., the competing fabric and craft company that filed for bankruptcy in January and has since closed all of its more than 800 U.S. stores.

The acquisition includes development rights to Joann's Big Twist yarn brand line and comes as Michaels has seen a surge in customer interest in fabrics, sewing and yarn following its competitor's demise.

"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 for at Michaels," said David Boone, chief executive officer at Michaels, in a news release announcing the sale.

Joann filed for Chapter

See Full Page