Texas retailer Michaels is set to carry labels from Joann, the beloved fabric and craft retailer that declared bankruptcy and shuttered earlier this year.  On Thursday, the Michaels Companies said it successfully completed the acquisition of the intellectual property and private label brands of Joann,

Michaels has purchased the IP and private label brands of Joann and will add more than 600 fabric, sewing and yarn products to its assortment.

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,