Textiles, glue guns, acrylic paints – you name it – two major corporations, Michaels Stores and Joann Fabrics, are likely to have whatever supplies the crafting consumer desires. Both companies have ridden out the pandemic, owed in large part to folks who might not have considered taking the time crafting, or sewing, or needle arts prior to Covid lockdown.
The initial hoarding and online price gouging which accompanied the earlier months of the pandemic led to a need for homemade masks – and experienced sewists along with newbies responded.
“Thanks to mask-making, extra time for projects and trending self-sufficiency, interest in sewing has surged since the start of the pandemic caused by the spread of Covid-19. As a result, many have discovered a new hobby or rediscovered forgotten skills,” wrote Allison Collins.
Joann, which had shifted from being publicly owned to privately owned in 2011, boasted such a large increase in sales (24.3 %) after being riddled with debt, that it returned with a new IPO.
“It’s a remarkable change in fortunes for a company that had been considered ‘distressed’ by Moody’s as recently as December. At the time, Joann was on the ratings agency’s watch list for possible default: The company had $921.6 million in long term debt as of Oct. 31, ” wrote Phil Wahba, MSN.
If you would like to read about Michaels going from public to private, see the RealDealDocs link to the press release here: The Michaels Companies Enters Into A Definitive Agreement To Be Acquired By Funds Managed By Apollo Global Management for MICHAELS COMPANIES, INC., Apollo Global Management, Inc, Michaels Companies.