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.

Jul 24, 2025 - 02:30
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Michaels Grows as Joann, Party City close stores in 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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