Craft retailer Michaels said Thursday it bought the intellectual property and private label brands of JOANN Inc. which filed for bankruptcy in January and has since closed.

Michaels plans to add over 600 products across several categories including quilting supplies, fabric and yarn as well as sewing machines.

"We're honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels," said David Boone, chief executive officer at Michaels.

"This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America."

Michaels' acquisition also includes the JOANN name.