After a Year of Record Retail Bankruptcies, Michaels Agrees to Go Private in $5 Billion Deal

Private equity firm Apollo is buying the arts and crafts retailer

Michaels will be acquired by private equity firm Apollo for a total of $5 billion. Bloomberg/Getty Images

While the net sales of nonessential retailers suffered during the pandemic, arts and crafts banner Michaels Stores saw double-digit growth in both the second and third quarters of 2020, demonstrating consumers’ appetite for hobbies while confined to their homes.

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@RichCollings Richard Collings is a retail reporter at Adweek.