When Party City and Joann Fabrics liquidated last year, Michaels Stores had an opportunity to swoop in and fill the void each retailer had left in the market. It jumped at the chance.
In a matter of months, Michaels, an arts and crafts retailer, had built out party supply spaces at its 1,400 stores, set up a supply chain to source helium, installed balloon-filling equipment, and trained employees on how to use it. Just as quickly, it started selling much more fabric at 1,000 of its locations after buying JoAnn’s intellectual property and store brands at bankruptcy auction.
