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 ...

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.