While the net sales of nonessential retailers suffered during the pandemic, arts and crafts banner Michaels Stores saw double-digit growth in both the second and third quarters of 2020, demonstrating consumers’ appetite for hobbies while confined to their homes.
This helped Michaels buck the trend that plagued private equity-backed, mall-based retailers, including J.Crew, Neiman Marcus and Brooks Brothers, that ended up in bankruptcy court in the past 12 months. As a result, the retail chain, a destination for everything from yarn and fabric to paints and canvas, said it agreed to be acquired by private equity firm Apollo in a transaction valued at $5 billion.
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WORK SMARTER - LEARN, GROW AND BE INSPIRED.
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