Michaels (literally) owns Joann fabrics after craft store buys bankrupt store’s property and brands

Michaels announced that it bought Joann's intellectual property and private-label brands. - (Getty)

Michaels now owns Joann - literally.

The craft giant cashed in on the demise of Joann, formerly known as Jo-Ann Fabrics, in a recent purchase of its intellectual property and private-label brands. The acquisition, announced Friday, includes the beloved Big Twist line of yarns and other flagship labels from the now-bankrupt retailer.