Craft retailer Michaels bought Joann's intellectual property and private label brands.

The move comes as Joann closed all stores after filing for bankruptcy.

Michaels is expanding its fabric, yarn and sewing products.

Crafting chain Michaels has purchased Joann brands and is increasing its product offerings, after Joann's shuttered its doors in Michigan and nationwide amid bankruptcy.

Michaels acquired Joann's intellectual property and private label brands, Michaels announced in a June 5 news release . Michaels is adding more than 600 new products to its stores, including fabric, yarn and sewing goods.

"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 creatin

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