Is Michaels going out of business in 2024?

Are rumors true that Michaels, the popular arts and crafts retailer, is facing financial difficulties and may be shutting down operations in 2024? With the rise of online shopping and competition from other retailers, has Michaels been unable to maintain its market share and profitability? Are there any specific challenges or factors contributing to these rumors, and what can customers expect in the coming months and years if the company does indeed face closure? It's crucial to get a clear understanding of the situation and what it means for both consumers and the retail industry as a whole.