Michaels cuts prices on 3K more items as consumers waver

The arts and crafts retailer is keen on picking up market share left open by the demise of Party City and Joann.

At Michaels, taking Party City and Joann’s market share was priority No. 1

CEO David Boone, who joined the craft retailer about a year ago, said the company’s efforts in fabric and party supplies have “powered the business.”

The mattress maker’s turnaround has been slow, mired in debt and liquidity issues, but is picking up speed under new leadership.

The assortment, available online and in-store, includes craft kits, home decor, entertaining essentials and more.

The effort, which includes a selection of balloons and decor, will expand to additional Staples locations by the end of the year.

So far, department stores and other mainstream retailers have the most to fear as TJX, Ross and Burlington open hundreds of stores each year.