How Apollo-owned Michaels turned two rivals’ bankruptcies into a growth strategy
Michaels Stores, an arts and crafts retailer, bought assets from bankrupt Party City and JoAnn Fabrics. It used these assets to sell party supplies and fabric at its stores. This helped Michaels grow its business.
Reported by 1 outlet — Fortune. See all sources ↓
Michaels Stores is a big arts and crafts store. Two other stores, Party City and JoAnn Fabrics, went bankrupt. Michaels bought their things and used them to sell party supplies and fabric at its own stores. This helped Michaels grow.
Why it matters
This story is important because it shows how a company can grow by buying assets from other companies that are in trouble.
- What happened to Party City and JoAnn Fabrics?
- They went bankrupt.
- What did Michaels Stores do?
- It bought assets from Party City and JoAnn Fabrics and used them to grow its business.
- What did Michaels Stores sell?
- Party supplies and fabric.
How outlets are framing the same story
These are the main editorial angles found across reporting. Use them to quickly compare what different outlets emphasize, omit, or question.
The outlets frame the story as a smart business move by Michaels Stores. They all focus on how Michaels used the bankruptcies of its rivals to grow its business.
- Coverage cardFraming signal1AngleScouting report
Michaels Stores used bankruptcies to grow its business.
Sources1TypeAngleFortuneHighlights Michaels' strategic move