Michaels completes acquisition of Joann's intellectual property and fan-favorite labels
FILE - In this April 24, 2020 file photo, customers lineup outside a Michaels store in Houston. (AP Photo/David J. Phillip, File)
NEW YORK (AP) — 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 arts and crafting chain works to expand its own fabric, sewing and yarn offerings.
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