After a Year of Record Retail Bankruptcies, Michaels Agrees to Go Private in $5 Billion Deal

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…
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