Michaels announced it has acquired the intellectual property and private label brands of former competitor Joann.

The arts and crafts store said it's planning a "significant expansion of fabric, sewing, and yarn offerings."

Michaels has stores in 72 Florida cities.

Crafters already missing the fabric, sewing supplies and yarn sold by can breathe a little easier: Michaels is stepping in.

Michaels announced June 5 it has after Joann's declared bankruptcy and about a week ago.

" with continued access to beloved brands, significant expansion of fabric, sewing, and yarn offerings, and special offers," the company announced in a news release June 5.

The company has even created a special website for

Here's what's happening, and what Michaels is planning.

What happened to Joann?

Joann, a

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