How Apollo owned Michaels turned two rivals’ bankruptcies into a growth strategy Michaels Stores, once struggling for market share against arch rival Hobby Lobby, has revived its fortunes under CEO David Boone's leadership.
By capitalizing on the void left by Party City and Joann Fabrics' bankruptcies, Michaels is betting big on party supplies and fabrics to drive growth.
The strategy appears to be paying off, with Bloomberg reporting a double digit percentage increase in first quarter sales and adjusted earnings.