Take on Joann's

I read a headline that Michaels wa buying the Joann's private label and had a few questions. I knew that Joann's had gone bankrupt but
- did anybody realize that Michael's was not yet bankrupt?
- did anybody realize that Michael's and Joann's wasn't the exact same thing.
- is there any chance that anybody is following around the Joann label band who isn't already shopping at Michael's?