Post by Michelle Cheng

When Michaels Cos. tapped a new CEO in early 2025, the company’s chairman, 25-year Apollo Global Management Inc. veteran Andrew Jhawar heralded the moment as “an exciting period of opportunity” for the retailer. As the dust settles some 16 months later, that’s looking like an understatement. Michaels’ overhaul is readily apparent in stores, where balloons that were once a hallmark of bankrupt Party City now line the entrances. The company also swooped in to buy the intellectual property and brands of fabrics retailer Joann, which collapsed into Chapter 11 twice in the span of a year, adding yarn and sewing machines to its inventory. With Reshmi Basu for Bloomberg: https://lnkd.in/gym7McPP