Michaels completes acquisition of Joann's intellectual property and fan

Michaels completes acquisition of Joann's intellectual property and fan-favorite labels 15 mins ago Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. 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 crafting chain works to expand its own fabric, sewing and yarn offerings. Financial terms of the acquisition were not disclosed. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year.