A massive crafts retailer is now lowering its prices on over 5,000 products to help customers stretch their money according to its CEO.
Michaels has dropped its prices to 2019 levels or lower as it aims to help customers “stretch their dollar,” according to the CEO.
Michaels on Thursday announced that it has lowered prices on over 5,000 products across categories including arts, crafts, DIY and home decor, according to a company press release.
Prices on frequently purchased items including paint, markers and pens have been reduced up to 15%, papers and stickers up to 20%, canvases up to 35% and T-shirts up to 40%, among other reductions.
The price drops are being promoted through in-store signage, advertisements and emails to customers.
Michaels is dropping prices to 2019 levels or lower at a time when customers are looking for deals, according to the company.
“It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” CEO Ashley Buchanan said in a statement.
“By lowering prices on thousands of our most popular items, we’re making creativity more affordable and giving our customers even more reasons to choose Michaels.”
The move comes amid a transformation at the arts and crafts retailer, reports Retail Dive.
“It recently announced its first brand campaign for MakerPlace by Michaels, an Etsy rival that launched in November, along with an in-store pilot of the marketplace.
The company also introduced birthday party planning services in the U.S. for children ages 4 to 13.”
At the start of March, Michaels revealed plans to expand its assortment and distribution of fabric to hundreds of stores, possibly as a way to gain market share as rival craft retailer Joann goes through a Chapter 11 bankruptcy.
Michaels in April received an upgrade from S&P Global Ratings to B- from CCC+ due to improvements in operating margin and cash generation.
Michaels has also enhanced store operations and improved the drag of promotions on profitability, per S&P.
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Other Economy News Today
An essential retailer is now making more painful closures nationwide after the giant filed for an unexpected bankruptcy in October.
Rite Aid filed a notice in the U.S. Bankruptcy Court for the District of New Jersey on April 16 seeking to close 13 additional stores located in the East and Midwest, reports TheStreet.
The notice identified six stores in Pennsylvania, three in Ohio, two in New Jersey and one each in New York and Virginia.
The additional store closures bring the amount of shuttered locations to 322 of the original 2,100 stores that were open when the company filed for Chapter 11 bankruptcy on Oct. 15, 2023.
Rite Aid, which listed $3.3 billion in debt in its petition, filed bankruptcy facing tight co from rivals including CVS, Walgreens Boots Alliance, Walmart, Costco, Amazon, and investor Mark Cuban’s CostPlus Drug.
The company was also a defendant in a civil lawsuit filed against it by the Department of Justice in March 2023.
They alleged that the chain’s pharmacists inappropriately filled opioid prescriptions, contributing to the opioid epidemic.
The bankruptcy filing provided an automatic stay of any further legal action against the debtor in the lawsuit.
Rite Aid seeks to negotiate a less expensive settlement, which could have amounted to more than $1 billion without the bankruptcy filing.
The drugstore chain has filed several notices for additional store closures since its Oct. 17 motion to reject store leases and close 154 stores.
In November and December, it filed notices to reject 55 more stores and in late December and early January, it sought another 45 closures.
The Philadelphia-based drugstore chain filed notices on April 2 to close 30 stores, April 3 to close six locations and April 9 to close 17 stores.
In California, 18 of the stores are set to be closed.
The closure list also included 13 in New York, 12 in Pennsylvania, three in New Jersey, two in Michigan, two in Ohio, and one each in Maryland, Massachusetts and Virginia.
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