17 July 2026 at 3:25 pm
Summary
Michaels, owned by Apollo Global Management, has strategically expanded its offerings into party supplies and fabrics by leveraging the bankruptcies of rivals Party City and Joann Fabrics. This move is part of a broader strategy to drive growth beyond the maturing arts-and-crafts market and has reportedly led to double-digit sales and earnings growth in the first quarter.
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