Michaels bought Joann's intellectual property and private label brands after Joann closed all stores. Here's what to know.

After Joann officially shut its doors earlier this spring, Michaels swooped in and acquired some of its most iconic private-label brands. That means all your favorite yarns, fabrics, and sewing essentials are making a comeback.

Joann fabric and craft stores will live on — sort of. Michaels announced Thursday it has acquired the intellectual property and private label brands of Joann and plans to expand its fabric, sewing and yarn assortment through the addition of over 600 products.