Various Michaels Articles from Wikipedia

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The Michaels Company Stores , better known as Michaels, is a privately held arts and crafts store chain in the United States and Canada. It is one of the largest retailers in North America selling supplies for arts and crafts, framing, floral, and wall decoration. [2] It was established in 2014 and is based out of The Michaels Companies' Irving, Texas headquarters. [4][5]

In addition to their namesake retail chain, The Michaels Companies also runs an in-store custom framing shop called Aaron Brothers[6] and a framing product manufacturer called Artistree. Over a dozen private brands, such as Recollections, Studio Décor, Bead Landing, Creatology, and Ashland, are developed by the company and sold exclusively in Michaels stores. [2][7]

There were 1,252 Michaels locations in 49 of the 50 U.S. states as of January 2021. S , and Canada contributed about $5 Sales of $362 billion in 2020 fiscal year [2]

History [ edit ]


Past Events [ edit ]

Established in 1973 by Michael J. Texas's Dumber Capital: Dallas

During the year 1973, Michael J. Michaels was founded by Jack Dupey in Dallas, Texas. He took over a failing Ben Franklin 5&10 and turned it into an arts and crafts store. [4][5]

With 11 locations and $10 million in annual revenue, Dallas businessman Sam Wyly purchased a majority stake in the company in 1982. Dupey started MJ Designs after the sale, and it was eventually acquired by The Michaels Companies. [5]

Former Michaels store in Markham, Ontario

With 16 locations, parent company The Michaels Companies went public in 1984 (on NASDAQ). The company spent the next decade buying up craft and hobby shops in smaller markets. [9]

Growth [ edit ]

In 1994, Michaels Stores bought several Northwest craft retailers, including Treasure House Crafts, Oregon Craft & Floral Supply, and H&H Craft & Floral Supply, expanding its presence in the region. It recently acquired a 101-store chain in the Midwest and Northeast under the name Leewards Creative Crafts. [10]

Aaron Brothers Holdings, Inc. was purchased by Michaels Stores in 1995. , an art gallery and framing shop

Michaels' sales hit a billion dollars by 1996. 24 Billion Dollars, 450 Locations [11]

Bain Capital and the Blackstone Group, two private equity firms, paid billion in 2006 to take Michaels Stores private. [12]

Martha Stewart and Michael's unveiled "Martha Stewart Crafts" in May 2007 as a website for home "do-it-yourselfers" to access how-to instructions, projects, and crafting supplies. [13]

Michaels Stores, Inc. opened its 1,000th location in the fall of 2008. [14]

Michaels started working with Chef Duff to sell his Duff Goldman Collection in its stores in 2010. Fondant, sprinkle sets, color spray, cake tattoos, and color paste are just some of the baking supplies featured in the collection. [15]

The debit card terminals of Michaels and Aaron Brothers stores in 20 states were compromised in February 2011. If you made a purchase using your PIN between February 8 and May 6, 2011, the company warned you that your information may have been compromised. [16] A class action lawsuit accusing Michaels of wrongdoing related to the incident was filed in the County Court of Passaic, New Jersey. [17]

Reorganization [ edit ]

One source predicted that the IPO would be filed in April 2012, and Reuters reported in March 2012 that JPMorgan Chase and Goldman Sachs were "the leads on what could be one of the year's largest IPOs in the retail sector." According to Reuters, Michaels had $3 billion in debt as of the end of 2011 and 1 million in EBITDA (earnings before interest, income taxes, depreciation, and amortization). 5.05 billion as of January 28th, 2012 On March 30th, [18] the paperwork was submitted for a common stock issue valued at $500 million. On the NYSE, the symbol would be MIK. According to the document, the company owes $3 million. Eight billion dollars, with 2011 sales reported at $4 $2 billion, with $176 million in net profit. [20] In July, CEO John Menzer had a stroke, which "put on hold indefinitely" the IPO. [21] While Menzer was out of the office, Bain managing director Lew Klessel and Michaels' CAO/CFO Charles Sonsteby filled the role of acting CEO.

Chuck Rubin was named chief executive officer in February 2013. Prior to his appointment, Rubin served as president and CEO of personal care specialty retailer Ulta Beauty. He has also held positions at Office Depot and Accenture. After Rubin took over as CEO at the end of February, Sonsteby stayed on as CAO/CFO, and Michaels' position was eliminated [22]. [23]

The Michaels Companies, Michaels' parent company, went public in June 2014. [24]

Former Walmart executive Ashley Buchanan will take over as CEO of Michaels in 2020. A new open layout centered on "inspiration hubs," new "maker space" areas for instruction, and self-service pickup lockers for online orders were introduced later that year at two Michaels locations in Texas. After its location in Regina, Saskatchewan reopened in 2023 after being closed due to a fire, the company announced plans to implement elements of this concept there and at other new and renovated locations in the future. [25][26][27]

The Michaels Companies went private in March 2021 after agreeing to be acquired by private equity firm Apollo Global Management. [28][29][30]

Products [ edit ]

Location of a Michaels Craft Store in Saugus, MA

Scrapbooking, beading, knitting, rubber stamping, home decor, floral items, kid's crafts, paints, framing, greenery, baking, and many seasonal items are just some of the many types of arts and crafts that can be found at Michaels Stores. Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart, Loops & Threads, Make Market, Foamies, LockerLookz, Imagin8, and Sticky Sticks are just some of the private brands that Michaels manufactures. [32]

Aaron Brothers Custom Framing, a shop within a shop[33], and the company's online presence both provide custom framing services. Customers can use the website to upload, edit, and print pictures from their personal computers or social media accounts. Size, material, frame, and matting options are then at their disposal. [35]

Recollections, Studio Décor, Bead Landing, Creatology, and Ashland are just a few of the more than a dozen private brands developed by the company and sold exclusively in Michaels stores. [2][7]

References [ edit ]

  1. ^ There is a Bloomberg page dedicated to information about The Michaels Companies, Inc. www bloomberg com Retrieved May 15, 2019
  2. ^ ef="https://en.wikipeef="" target="_blank">"https://en.wikipeef="" target="_blank">" target="_blank">cite_ref-10k-2020_2-0" target="_ef="https://en.wikipeef="" target="_blank">"https://en.wikipeef="" target="_blank">" target="_blank">cite_ref-10k-2020_2-1" target="_blank">blank">a ef="https://en.wikipeef="" target="_blank">"https://en.wikipeef="" target="_blank">" target="_blank">cite_ref-10k-2020_2-1" target="_blank">b ef="https://en.wikipeef="" target="_blank">" target="_blank">c ef="" target="_blank">d e Michaels Companies, Inc. Form 10-K 2021. www sec gov March 9, 2021 Retrieved May 18, 2021
  3. ^ To wit: "Michaels | 2020 Fortune 500." Fortune
  4. ^ a b Matthew Jarzemsky (March30, 2012). "Michael's Stores seeks $500 million IPO," it reads. MarketWatch Retrieved The 30th of November, 2016. 2017
  5. ^ a b c Maria Halkias (2005). Michael J. Dupey "conceived of and developed the Michaels chain of craft superstores in Irving" The Morning News in Dallas
  6. ^ Michaels, the arts and crafts superstore, will shutter almost all Aaron Brothers locations. Reuters March 22, 2018 Retrieved On the 19th of September, 2019
  7. ^ a b Korrie Kezar March 17th, 2016 "The acquisition will help Michaels strengthen its B2B offerings," Business Journal of Dallas Retrieved 16 January 2019
  8. ^ a b P. Jay Pedersen (February 2nd, 2005) Encyclopedia of business history, worldwide, volume 67 St Press, James ISBN 1558625127 Retrieved 22 January 2019
  9. ^ a b Robert Goldfield (March 14, 1999). "Experienced retailer of arts and crafts plans to launch a megastore to take on rivals." Journal of Commerce in Portland Retrieved July 26, 2015
  10. ^ Posted on: May 11, 1994 by John Schmeltzer The Dallas Chain Is Working on a Merger with Leewards. Daily Herald
  11. ^ Time and again, Sam Wyly "innovates to opportunity." Journal of Monroe Street Wed., Jan. 13th, 1997 Date of original archive: June 14, 1997
  12. ^ Michaels Stores, Inc. and Certain Affiliates of Bain Capital and Blackstone, L.P. Have Reached a Merger Agreement. Blackstone com Blackstone October 31st, 2006 Retrieved Wednesday, January 16 2019
  13. ^ Sequential Brands and Michaels Cos. have partnered to distribute the Martha Stewart Crafts line. Reuters March 2, 2017 Retrieved May 18, 2021
  14. ^ Authors of Chain Store Age (2008-09-22) "Michaels unveils brand-new logo and opens 1,000th store." Chainstoreage com Company, Eagle Operating Retrieved 16 January 2019
  15. ^ Lauren Vozzella (June 25th, 2010) "Winner, winner, homemade cake" The Sun of Baltimore Retrieved 14 January 2019
  16. ^ Michaels Stores has acknowledged a breach of customer credit card information. Reuters April 17, 2014 Retrieved May 18, 2021
  17. ^ Chris Fry (2011-07-14). Michaels Gets Flak From Students Over Data Breach" Justice System News Retrieved August 7, 2011
  18. ^ a b Authors: Olivia Oran and Greg Roumeliotis Date: March 26, 2012 The article "Exclusive: Blackstone, Bain ready IPO for Michaels Stores" Reuters Retrieved 17 January 2019
  19. ^
  20. ^ Michaels Stores, Inc. has filed for a $500 million initial public offering (IPO) under the ticker symbol "MIK." In search of Alpha March 30, 2012 Retrieved May 18, 2021
  21. ^ Ryan Dezember & Telis Demos 6 Jun 2012 Michaels has put off its initial public offering indefinitely. The New York Times The New York Times
  22. ^ The CEO of Ultima is jumping ship to Michaels. journal of business com March 20, 2013 Retrieved 17 January 2019
  23. ^ HFN (15 February 2013) "Rubin to Become Michaels CEO." Obtainable as of February 17, 2013
  24. ^ William Alden (June 26th, 2014). The low estimate for the Michaels IPO price is $17. New York's Timely Paper Retrieved 17 January 2019
  25. ^ New Michaels concept stores are revealed. Age of Chain Stores Retrieved 2023-03-17
  26. ^ Michael's remodeled stores in Plano and McKinney to try out a new layout. Reports from Dallas 2020-09-09 Retrieved 2023-03-17
  27. ^ "Michael's Craft Store in Regina Reopens with a Party" CBC News Vancouver 2023-03-17 Retrieved 2023-03-17
  28. ^ Lauren Thomas (3/3/2021) In a deal worth $3.3 billion, arts and crafts retailer Michaels will be taken private by Apollo Global. CNBC Retrieved March 3, 2021
  29. ^ "Apollo Announces the Closing of the Michaels Companies Share Tender Offer" Yahoo April 15, 2021 Retrieved May 18, 2021
  30. ^ A private equity firm will pay $5 billion to acquire Michaels. A New York Newspaper March 3, 2021 Retrieved May 18, 2021
  31. ^ Jessica Tyler We went to both Hobby Lobby and Michaels to see which one was superior, and the results were clear. Inside the Company Retrieved Tuesday, October 17 2019
  32. ^ Christopher Durham Over 60% of Michaels's Net Sales Are Generated by Private Label Products | My Private Label. Retrieved October 7, 2019
  33. ^ Maria Halkias (2018-03-22). Michaels is rebranding its framing departments and closing its Aaron Brothers stores. Daily News in Dallas
  34. ^ Maria Halkias (2017) October 25. Michael's has a brand new custom framing website. The Morning News in Dallas
  35. ^ Maria Halkias dated March 1st, 2018 To increase framing sales, arts and crafts retailer Michaels has teamed up with HGTV's Property Brothers. DallasNews com Corporation Publishing the Dallas Morning News Retrieved 14 January 2019

Internet resources [ edit ]

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