After a Year of Record Retail Bankruptcies, Michaels Agrees to Go Private in $5 Billion Deal
Private equity firm Apollo is buying the arts and crafts retailer
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.
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