Michaels, seeing a void left by Party City, expands its party supply selection [CNN]
DoorDash, Inc. (DASH)
Company Research
Source: CNN
Michaels, the retailer best known for selling arts and crafts supplies, announced Tuesday that it's expanding its party supply offerings with the addition of 300 new balloon options and more than 500 new products for all types of celebrations, ranging from graduations to birthdays. The expansion comes after Party City filed for bankruptcy last year and closed its 700 US stores in late February. The 40-year-old chain was the largest party supply store in the nation. Its exit has left a major gap in the market for party-throwers. Some shoppers have gravitated towards Michaels, with searches for party supplies on its website soaring 155% and balloons jumping 150% since the beginning of the year, the company said in a press release. (Michaels is a privately owned company and doesn't release financial figures.) Balloons are one of the biggest voids left by Party City's closure. That has prompted Michaels to add more licensed balloons for sale, including animated characters for kids
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