Michaels Grows as Joann, Party City close stores in bankruptcy
The arts and crafts retailer gained market share as Party City and Joann closed stores during bankruptcy.

Retail bankruptcies and store closures non-public surged in contemporary years, leaving many patrons without their licensed stores
The previous few years non-public dealt the retail trade a staggering blow. The Covid pandemic forced many companies to shut to in-individual company, kick-beginning a decline in sales from which a few companies in a roundabout method did no longer recuperate.
Connected: Purposeful style retail chain closing all stores all of sudden
Nonetheless even those that managed to survive the events of 2020 had challenges to grapple with in a while.
Hovering inflation drove charges up for outlets, narrowing already thin margins. Good as problematically, elevated dwelling charges non-public forced buyers to decrease back on nonessential purchases, taking industry away from outlets.
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