NEW YORK (AP) -- Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels.

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, sewing and yarn offerings.

"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," Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better "respond to rising demand" among both new and existing customers.

Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday.

With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up -- with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition.

Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to "acquire substantially all of Joann's assets" and conduct going-out-of-business sales at all store locations.

Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of "Big Twist" yarns, which had become a staple in Joann stores over the years.

Those "Big Twist" labels are now being developed as part of Michaels' portfolio -- and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online.

And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands -- including quilting supplies and fabrics, specialty threads, sewing machines and more.

Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.