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After being drafted in 1983 by the San Francisco 49ers, Roger Craig became the bridge between chiropractic and the NFL.

A major shift in the specialty retail landscape has left valuable market share up for grabs, and Michaels is moving quickly to capture it.

The arts and crafts retailer has been expanding into categories once dominated by two competitors that have exited the retail market, using new products, dedicated shop-in-shop concepts, and events to attract customers who have fewer specialty destinations than they did before.

The strategy comes as retailers continue to adjust to the fallout from the bankruptcies and store closures of leading brands, which reshaped the fabric, sewing, and party-supplies markets. Michaels has increasingly positioned itself to compete for some of the demand those exits left behind.

Founded in 1973, The Michaels Companies Inc. is one of North America’s largest specialty retail chains for arts, crafts, and décor, operating more than 1,300 stores across 49 states and Canada, as well as through its e-commerce platforms.

Michaels expands its Knit & Sew Shop after Joann bankruptcy

Michaels has expanded its Knit & Sew Shop, adding more than 1,600 new products across fabric, yarn, sewing, and needlecraft, and making the expanded assortment available in over 1,200 stores nationwide, according to a company announcement.

The move comes a little more than a year after Michaels acquired Joann’s intellectual property in June 2025, following the fabric retailer’s bankruptcy filing earlier that year.

Fabric is now available in nearly 90% of Michaels stores, with more than 400 new fabric products covering categories including quilting, cosplay, and special occasions.

Michaels is also introducing shop-in-shop experiences featuring Big Twist and DMC Embroidery Threads, expanding its assortment with products and experiences aimed at sewing and needlecraft customers.

The retailer is further leaning into the category with a lineup of in-store events throughout September for National Sewing Month. The schedule includes community meet-ups, open classrooms, product demonstrations, online classes, and free sewing experiences.

“We’re investing in The Knit & Sew Shop to give today’s shoppers more of what they love, while making these crafts more approachable for anyone who wants to learn,” Michaels CMO Stacey Shively said in a statement.

Michaels expands Knit & Sew Shop after Joann’s bankruptcy.jetcityimage / Getty Images

Michaels moves into the space left by Joann and Party City

Michaels debuted The Knit & Sew Shop and The Party Shop inside select locations in late 2025 as it looked to expand its presence in categories where major competitors had disappeared from the retail landscape.

The move gave Michaels an opportunity to compete for customers and sales that had previously been served by Joann and Party City, both of which filed for Chapter 11 bankruptcy and ultimately closed their standalone stores.

In June 2025, Michaels acquired Joann’s intellectual property and private-label brands, although the deal did not include any of the bankrupt retailer’s physical stores.

Michaels also attempted to acquire Party City during its bankruptcy auction but was outbid by New Amscan, an affiliate of Ad Populum. New Amscan ultimately acquired Party City’s intellectual property and wholesale operations.  

Joann and Party City had long been prominent players in their respective categories. Both companies, however, faced a combination of post-pandemic economic pressures, changing consumer habits, increased competition, and significant debt before their businesses deteriorated.

The exits left fewer established specialty retailers serving shoppers in categories that overlap with Michaels’ existing business.

“The first thing that we concluded was there was tremendous disruption in the marketplace with the exit of Joann Fabric and the exit of Party City — and that job one was to go after that,” Michaels CEO David Boone said at the ICR Conference in January, as reported by Retail Dive. 

“We have introduced a Party Shop by Michaels in every single store in our fleet, and we’ve introduced the Knit & Sew Shop in every single store in our fleet.”

Michaels uses rivals’ exits to gain market share

Michaels had spent years competing with retailers such as Hobby Lobby and Walmart for customers in the arts-and-crafts market. The disappearance of Joann and Party City, however, has given the company an opportunity to expand into adjacent categories where it already has an established store base and customer relationships.

In 2021, private equity firm Apollo Global Management acquired Michaels, adding the retailer to its portfolio of consumer and other businesses. While Apollo Global Management does not publicly disclose financial results, Bloomberg reported in July 2026 that Michaels’ first-quarter sales and adjusted earnings grew by double digits, citing people familiar with the matter.

The broader assortment has also required Michaels to carry more merchandise. According to the same Bloomberg report, the retailer increased its inventory by 20% as it expanded its selection.

Tariffs on imported goods have added another cost consideration for retailers managing merchandise expenses.

Here’s some of my previous coverage of retail strategy:

Clothing retailer closes nearly all stores, leaving just 4

116-year-old retailer closes 14 stores and that’s just the beginning

Walmart builds a whole new kind of store

The opportunity created by Joann and Party City’s exit is also attracting other retailers.

GlobalData Retail Managing Director Neil Saunders said that “a lot of demand is up for grabs” now that both chains are gone. Michaels, however, has an advantage because sewing and party supplies are closely aligned with its existing business.

“Many retailers are trying to take a slice of this, including generalists like Walgreens and Five Below,” Saunders told CNN. “However, party and sewing are more in Michaels’ ballpark and if it executes with authority it can take a good level of share in a way that retailers dabbling in the space won’t be able to do.”

Taken together, Michaels’ expanded assortment, dedicated shop concepts, and investment in classes and community events suggest the retailer is seeking to become a larger destination for customers with fewer specialty options than before Joann and Party City exited the market.

Related: After Joann and Party City bankruptcies, a new player steps in

Michael Jackson’s “Billie Jean” returns to two U.K. sales rankings, reentering both the Official Singles Downloads and Official Singles Sales charts.

A growing body of research suggests Shingrix can reduce the risk of heart disease and delay dementia.

It’s never too late to start saving money for your retirement. While it’s best to start saving as early as you can, if you start at age 50, a “power decade” can help you get closer to your retirement savings goal.
Your 50s and 60s can be high-impact years since you’re likely earning more than you were in your earlier working years, and you can start making catch-up contributions. Here’s what to do.
Why your 50s can still be a powerful catch-up window
In your 50s, you may have a higher income than you did in earlier years and potentially — depending on your situation — fewer expenses. For instance, grown children may be out of the house. That means it’s time to take advantage of your ability to save.
The IRS sets contribution limits to retirement savings accounts such as 401(k)s but investors age 50 and older can contribute more. In 2026, they can contribute $8,000 on top of the typical $24,500 limit, amounting to a total contribution of $32,500. Note that for people ages 60-63, the catch-up contribution limit in 2026 is $11,250, leading to a $35,750 total contribution limit.
There are also catch-up contributions for individual retirement accounts (IRAs). In 2026, the contribution limit for these accounts is $7,500 per year, and the catch-up contribution for people 50 and older is $1,100. That comes to $8,600 per year combined.

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What to do during the first year of your savings plan
You don’t need to go from zero savings to a complete retirement portfolio by the end of the year. The important thing to do during these first 12 months is to take an inventory of your current finances and take action.
Start by calculating what you have saved across your 401(k)s, IRAs, health savings accounts (HSAs), taxable brokerage accounts and any other bank or investment account. Then, review your monthly expenses and look for ways to save money. Getting rid of unused subscriptions and reducing the amount you dine out can help, but cutting down on housing and transportation will likely save you more.
When contributing to retirement plans, make sure you prioritize contributing enough to a 401(k) or similar account to get an employer’s match first, if one is available, since that’s essentially free money. Then, you can increase savings to that account and others up to the IRS limits, if the account has one. You can use a compound-interest calculator to test how your portfolio can grow over time, with timeframes set for the next 10, 15 and 20 years. Those calculations can help you understand where you’re at now, and how much you have to save during this power decade.
Consider your Social Security strategy
It’s smart to focus on maxing out your contribution limits during your power decade, but there are a few other key moves you can make. The longer you delay tapping Social Security, even if it is just for a few years, the more it will increase your benefit check. That will give your nest egg more time to grow.
People who were born in 1960 or later reach full retirement age at 67. It often makes sense to delay Social Security until that point at least. But if you delay until age 70, you can maximize how much you recent in benefits.
Working a few extra years can mean delaying Social Security and contributing more to your savings accounts.
 

Forbes today unveils its 45th annual Forbes 400 list, the definitive ranking of the wealthiest Americans.

The University of Texas partnered with ShopBack for game day activations. There were partnerships that turned fandom into participation and an ongoing conversation.

The 12-month test will put a beta version of the central bank currency through online, mobile, in-store and peer-to-peer payments.

Prediction markets sharply marked down the crypto market structure bill’s near-term prospects as negotiations remained stuck hours before a key Senate vote.

Boeing (BA) started September with a labor problem that could have slowed its recovery.

Its engineers, who approve the jets Boeing needs to certify and deliver, almost went on strike.

However, on Friday, Boeing and its engineering union reached a tentative four-year contract, and investors moved quickly.

Boeing averts a strike that threatened its jet certification timeline

Boeing reached the tentative deal on Friday, September 11, with the Society of Professional Engineering Employees in Aerospace (SPEEA).

The SPEEA covers about 17,000 engineers and technical staff, CNBC reported.

The current contract expires October 6. A rejection could have triggered a strike days later which matters because SPEEA engineers handle the safety analysis and paperwork behind two delayed programs, the 737 MAX 10 and the 777-9 widebody. 

A strike would have affected those programs.

BA shares rose 2.76% to close at $210.45 on the same Friday.

Boeing’s engineers hold the certification keys to the 737 MAX 10 and 777-9 programssanfel / Getty Images

Why Boeing depends on SPEEA engineers to keep building jets

Boeing earns the biggest share of its revenue selling commercial jets to airlines, with two other arms in defense and aftermarket services.

The company needs engineers who design, test, and certify the aircraft.

More Aerospace Coverage:

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SPEEA represents Boeing’s core Northwest professional and technical units, and it had not negotiated a new contract since 2012, according to Reuters. 

Members approved extensions in 2016 and 2020 instead.

SPEEA’s negotiating team called the agreement “a real step forward” for pay and for its relationship with Boeing leadership.

What the new SPEEA contract pays and when the raises land

The revised offer beat the first proposal on guaranteed wages.

Boeing’s earlier offer carried 3% general raises, which many engineers said would not keep up with rising prices. 

Seattle-area prices rose 4.5% compared to last year, Reuters reported, citing the U.S. Bureau of Labor Statistics.

The new pay terms

A 10% guaranteed raise effective October 16, 2026

A 4% raise in the March 2027 review

6% wage pools in 2028, 2029, and 2030, each with a guaranteed 4% raise

Revised work-from-home rules and tighter overtime limits

Why higher labor costs still pressure Boeing’s commercial margins

The raises increase Boeing’s fixed expenses while its commercial airplane margins are already thin and free cash flow is still recovering.

Boeing guided free cash flow to a range of $1 billion to $3 billion for 2026. Higher wages make those cash targets harder to hit if there is a delay in deliveries.

The company made a decision to pay more now to keep lines running and certifications on schedule.

How Boeing stock compares with RTX and GE Aerospace in 2026

BA is down about 7.6% year to date, even after Friday’s jump. 

RTX and GE Aerospace both posted double-digit gains in 2026, while the iShares U.S. Aerospace & Defense ETF (ITA) sat in between, according to Yahoo Finance. 

Related: SpaceX just targeted a key AI supplier: The stock tanked

The reason is their business models. RTX relies on diversified defense revenue, and GE Aerospace on recurring engine servicing. 

Boeing depends on building and certifying jets, which ties its results to production progress.

What still has to happen before Boeing’s comeback holds

The deal is tentative. SPEEA members still have to vote to approve it over the coming days.

If they approve, Boeing’s focus shifts back to execution. The company must build jets faster and finish certifications. 

Boeing is already delivering more jets than at any point since 2018.

What BA investors should watch next

The ratification vote result

Progress on 777-9 and 737 MAX 10 certification

Whether rising labor costs pressure commercial margins

The defense drag, after a $280 million Air Force One charge hit second-quarter results

For now, Boeing removed a near-term threat. The harder task is to turn that relief into steady cash flow.

Related: Two defense stocks just got a multiyear vote of confidence