Various Michaels Articles from Wikipedia

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 ]

Internet resources [ edit ]