After filing for Chapter 11 bankruptcy and having its remaining assets sold, Joann Fabrics closed all 800 of its craft stores early this year, including locations in Reno, Carson City and Elko.

Now, craft retailer Michael's recently announced the debut of The Knit & Sew Shop featuring Joann branding and private-label brands from the bankrupt retailer.

Michaels is also debuting The Party Shop, featuring an expanded selection of balloons, party supplies and more after Party City closed this year.

Here's what you need to know.

What company bought out Joann Fabrics?

Michael's bought Joann's intellectual property in June, a month after Joann officially closed all locations.

Now in Michaels stores across North America, The Knit & Sew Shop, featuring the Joann and Michaels logos,

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