Arts and Crafts Retailer Michaels To Close Distribution Center as It Changes Up Operations

The Michaels Cos., an arts and crafts retailer with 1,275 stores in the U.S. and Canada that was purchased by Apollo Global Management in a $3.3 billion deal last year, has decided to close some of its distribution efforts — and lay off hundreds of employees — as it moves its fulfillment strategy within its existing stores.