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{{Short description|Holding company based in Irving, Texas}}
{{2otheruses|the U.S. crafts retail chain|persons named Michaels|Michaels (name)}}
{{Infobox company|
{{Infobox company
name = Michaels Stores, Inc.|
| name = The Michaels Companies, Inc.
| logo = The_Michaels_Companies_logo.png
logo = [[File:Michaels Logo.svg]]|
type = Public |
| type = [[Private company|Private]]
traded_as = {{nasdaq|MIK}}|
| traded_as = {{NASDAQ was|MIK}}
| foundation = {{start date and age|2014}} <ref>{{cite web|url=https://dealbook.nytimes.com/2014/06/26/michaels-i-p-o-prices-at-17-at-low-end-of-range/|title=Michaels I.P.O. Prices at $17, at Low End of Range|last1=Alden|first1=William|date=June 26, 2014|work=[[The New York Times]]|access-date=January 17, 2019}}</ref>
foundation = {{start date and age|1976}}<br>[[Dallas, Texas]], [[United States|U.S.]]|
| founder = Michael J. Dupey
employment = 12,500 people|
location = [[Irving, Texas]], U.S.|
| location = [[Irving, Texas|Irving]], [[Texas]], U.S.
| num_locations = 1,252 (US, Canada) (January 2021)<ref name=sec1/>
number of locations = 1040 <ref> {{cite news| url=http://www.reuters.com/article/2008/09/10/idUS99310+10-Sep-2008+PRN20080910 | work=Reuters | title=Isn't It Grand! Michaels(R) Opens 1000th Store | date=September 10, 2008}}</ref>|
industry = [[Retail]]|
| industry = {{flat list|
* [[Retail]]
slogan = "Where Creativity Happens"|
* [[wholesale]]
owner = [[Bain Capital]], [[Blackstone Group]], [[Highfields Capital Management]]|
}}
products = Retail-Arts, Crafts, Scrapbooking, Home Decor|
| services = Merchandise for makers and do-it-yourself home decorators
revenue = {{gain}} US$4.2 Billion (2011)|
| subsid = {{Hlist
net_income = US$176 million (2011)|
| [[Michaels]]
num_employees = 43,700 |
| Artistree
homepage = {{URL|http://www.michaels.com/}}
| Aaron Brothers Custom Framing
}}
| key_people = [[Ashley Buchanan]] ([[CEO]])<ref>{{Cite web|url=https://fortune.com/company/michaels-cos/fortune500/|title=Michaels Company Profile|website=fortune.com|date=13 June 2018|access-date=2022-01-22}}</ref>
| revenue = {{increase}} US$5.271 billion (2020)<ref name=sec1>{{Cite web|url=https://sec.report/Document/0001558370-21-002630/|title=Form 10-K Michaels Companies, Inc.|website=sec.report|date=March 9, 2021|access-date=March 7, 2022}}</ref>
| operating_income = {{increase}} US$533.54 million (2020)<ref name=sec1/>
| profit = {{increase}} US$294.9 million (2020)<ref name=sec1/>
| assets = {{increase}} US$4.528 billion (2020)<ref name=sec1/>
| equity = {{increase}} US${{color|red|&minus;1.197}} billion (2020)<ref name=sec1/>
| num_employees = 45,000 (2019)<ref name=sec1/>
| owner = [[Apollo Global Management]]
| website = [https://investors.michaels.com/ The Michaels Companies]
}}
}}
[[File:11-16-06-EPMN-michaels.jpg|thumb|A location in [[Eden Prairie, MN]]]]
'''Michaels Stores, Inc.''' is an [[arts]] and [[crafts]] [[retail]] chain. It currently operates more than 1262 stores (consisting of 1,145 Michaels stores in the 49 states and Canada and 118 Aaron Brothers stores) as of May 31, 2014.<ref>http://investors.michaels.com/ </ref> In addition, Michaels produces 10 exclusive private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart and Loops & Threads. The corporate headquarters are located in [[Irving, Texas]].


'''The Michaels Companies, Inc.''' is an American retail [[holding company]], headquartered in [[Irving, Texas|Irving]], Texas. It was formed as a parent company of [[Michaels]] in 2014. {{As of|2021}}, The Michaels Companies operates its flagship brand, [[Michaels]] (in the United States and Canada), and Artistree, a manufacturer of custom and specialty framing merchandise. There are over 1,252 arts and crafts stores located in the [[United States]] and [[Canada]].
The average Michaels store now contains 40,000 different products in 18,200 square feet (1,700 m²) of selling space. The stores sell a selection of arts, crafts, [[Picture frame|framing]], floral, wall décor, bakeware, beads, scrapbooking and seasonal merchandise for hobbyists and [[Do it yourself|do-it-yourself]] home decorators.

Michaels is the largest such chain in the United States. Competitors include [[Hobby Lobby]], [[Ben Franklin Stores]], [[Jo-Ann Stores]], [[AC Moore]] and several smaller chains. Canadian competitors include [[DeSerres]].

In April 2012, Michaels filed for a $500 million [[initial public offering]] (IPO), but it was put on hold due to the chief executive's illness. In June 2014, the IPO was scheduled again.


==History==
==History==
The Michaels Companies debuted in June 2014 on the NASDAQ under the symbol MIK and raised about $472 million in its initial public offering, using the funds to pay down debt.<ref>{{cite web|url=https://dealbook.nytimes.com/2014/06/26/michaels-i-p-o-prices-at-17-at-low-end-of-range/|title=Michaels I.P.O. Prices at $17, at Low End of Range|last1=Alden|first1=William|date=June 26, 2014|work=[[The New York Times]]|access-date=January 17, 2019}}</ref> The IPO valued the company at $3.45 billion.<ref>{{cite web|url=https://www.reuters.com/article/us-michaels-compans-ipo/crafts-retailer-michaels-raises-473-million-in-ipo-idUSKBN0F203120140627 |title=Crafts retailer Michaels raises $473 million in IPO |website=Reuters |date=June 26, 2014 |access-date=May 18, 2021}}</ref><ref>{{cite web|url=https://lei.report/LEI/549300H9LWMBP7HYLR98 |title=The Michaels Companies, Inc. LEI 549300H9LWMBP7HYLR98 |website=LEI |date=June 12, 2014|access-date=May 18, 2021}}</ref> In April 2015, Rubin was named chairman, in addition to his title of CEO. In August 2015, Michaels announced a partnership with online DIY craft design and video company [[Darby Smart]] aimed at "making crafting simpler and more accessible."<ref name=biz1>{{cite web |last1=Sciacca |first1=Annie |title=S.F.-based DIY startup lands partnership with craft retail giant |url=https://www.bizjournals.com/sanfrancisco/blog/2015/08/darby-smart-diy-marketplace-michaels-mik.html |website=San Francisco Business Times |access-date=January 17, 2019 |date=August 20, 2015}}</ref> In February 2016, the Michaels Companies inc. completed the acquisition of Lamrite West, Inc., which included an international wholesale business under the Darice brand name ("Darice") and 36 arts and crafts retail stores located primarily in the Midwest under the Pat Catan's brand name.<ref name=biz1/> In August, The Michaels Companies acquired Hancock Fabrics' intellectual property and customer database as part of its bankruptcy and liquidation.<ref>{{cite web|url=https://www.chainstoreage.com/news/michaels-buys-hancock-fabrics-brand/|title=Michaels buys Hancock Fabrics brand|last1=Urbanski|first1=Al|date=August 4, 2016|website=chainstoreage.com|publisher=Eagle Operating Corp.|access-date= January 16, 2019}}</ref> In June 2017, The Michaels Companies became a [[Fortune 500]] company.<ref>{{cite web|url=http://fortune.com/2017/06/07/first-time-fortune-500-companies/|title=Tesla and 19 Companies Join the Fortune 500 for the First Time|last1=Wieczner|first1=Jenn|date=June 7, 2017|website=Fortune|access-date=January 16, 2019}}</ref> In Fall, Michaels launched a relationship with Elizabeth Jean [[Busy Philipps|"Busy" Philipps]] in fall 2017, resulting in a digital video series called ''The Make Off'', in which Busy competes in a crafting competition against other celebrities. In 2018, ''The Make Off'' series was nominated for a [[Webby Award]]. That year the company also embarked on media partnerships with ''[[Good Morning America]]'' and [[Nickelodeon]] around the concept of promoting screen-free activities for children and teens. In March 2018, the Michaels companies announced its partnership with TV design personalities [[Drew Scott|Drew]] and [[Jonathan Scott (reality TV)|Jonathan Scott]] of HGTV's ''[[Property Brothers]]'' for a custom frame collection.<ref name= dallas2>{{cite web |last1=Halkias |first1=Maria |title=Arts and crafts retailer Michaels partners with HGTV's Property Brothers to boost framing business |url=https://www.dallasnews.com/business/retail/2018/03/01/arts-crafts-retailer-michaels-partners-hgtvs-property-brothers-boost-framing-business |website=DallasNews.com |publisher=Dallas Morning News, Inc. |access-date=January 14, 2019 |date=March 1, 2018}}</ref> In January 2019, the Michaels companies announced the closure of the Pat Catan Stores, a dozen or more of which were to be reopened under the Michaels Stores name.<ref>{{cite web|url=https://www.thepostnewspapers.com/strongsville/local_news/michaels-doing-away-with-pat-catan-s-stores/article_e0ab288d-64fb-5dd9-9e16-0d338c604816.html |title=Michaels doing away with Pat Catan's stores |website=The Post |date=February 16, 2019 |access-date=May 18, 2021}}</ref> In November 2019, The Michaels Companies, Inc. announced that they would reopen up to 40 A.C. Moore stores after its bankruptcy and liquidation.<ref>{{cite news|url=https://www.usatoday.com/story/money/2019/11/25/a-c-moore-store-closings-all-stores-shutter-some-michaels/4303313002/|title=A.C. Moore closing all stores, up to 40 locations set to become Michaels|first=Kelly|last=Tyko|work=[[USA Today]]|location=[[McLean, Virginia]]|date=November 25, 2019|access-date=November 25, 2019}}</ref> In October 2019, Mark Cosby was named CEO of the Michaels Companies after being named interim CEO in February 2019.<ref>{{Cite web|url=https://www.bizjournals.com/dallas/news/2019/10/22/michaels-mark-cosby.html|title=Michaels names interim leader to CEO spot|last=Ayers|first=Rebecca|date=October 22, 2019|website=Dallas Business Journal|access-date=November 15, 2019}}</ref> In November 2019, The Michaels Companies, Inc. announced that they would reopen up to 40 [[A.C. Moore]] stores as Michaels stores after A.C. Moore's [[bankruptcy]] and [[liquidation]].<ref>{{cite web|url=https://www.businessinsider.com/ac-moore-stores-closing-some-become-michaels-2019-11 |title=All 145 A.C. Moore stores will shut down, but a small handful will become Michaels locations |website=Business Insider |date=November 26, 2019 |access-date=May 18, 2021}}</ref> In January 2020, former Walmart merchandising executive [[Ashley Buchanan]] joined The Michaels Companies as the [[chief executive officer]] and a member of the [[board of directors]].<ref name=wwd1>{{Cite web|last=Ell|first=Kellie|date=2019-12-27|title=Arts and Crafts Company Michaels Taps Walmart Exec|url=https://wwd.com/fashion-news/fashion-scoops/ashley-buchanan-leaves-walmart-for-michaels-companies-1203407501/|access-date=March 17, 2021|website=WWD|language=en-US|archive-date=2021-03-04|archive-url=https://web.archive.org/web/20210304080406/https://wwd.com/fashion-news/fashion-scoops/ashley-buchanan-leaves-walmart-for-michaels-companies-1203407501/|url-status=live}}</ref> In July, the company downsized its headquarters but remained in Irving, Texas.<ref>{{cite web|url=https://www.globest.com/2020/07/28/michaels-stays-in-irving-with-hq-move/ |title=Michaels Stays in Irving With HQ Move |website=GlobeST |date=July 28, 2020 |access-date=May 18, 2021}}</ref> On March 3, 2021, The Michaels Companies management agreed to be acquired by venture capital firm Apollo Global Management for $22 per share, or $3.3 billion, and the company was to be taken private.<ref name=cnbc1>{{cite web |last1=Thomas |first1=Lauren |title=Crafts retailer Michaels will go private in $3.3 billion deal with Apollo Global |url=https://www.cnbc.com/2021/03/03/crafts-retailer-michaels-to-be-bought-by-apollo-global-for-5-billion.html |website=CNBC |access-date=March 3, 2021 |date=March 3, 2021}}</ref> In April, Apollo announced in a press release that the acquisition was completed.<ref name=yahoo1>{{cite web|url=https://money.yahoo.com/apollo-announces-completion-tender-offer-120000512.html |title=Apollo Announces Completion of the Tender Offer for Shares of The Michaels Companies |website=Yahoo |date=April 15, 2021 |access-date=May 18, 2021}}</ref> The Michaels Companies owns Artistree, a vertically integrated custom framing business that manufactures precut mats and framing merchandise for Michaels Stores and online ordering. Custom framing orders are processed and shipped to a Michaels store where the frame is assembled and picked up by the customer.
[[File:Interior of Michael's craft store, Springfield, VA - 2.jpeg|thumb|Framing counter of a Michaels store in Springfield, Virginia]]
In 1976, Dallas businessman Michael J. Dupey opened Michaels in the former Northtown Mall in Dallas, Texas. The location closed in the 1990s and is now a technology building.<ref>{{cite web |title=Michaels Stores, Inc. Company Profile, Information, Business Description, History, Background Information on Michaels Stores, Inc. |url=http://www.referenceforbusiness.com/history/Mi-Nu/Michaels-Stores-Inc.html |publisher=referenceforbusiness.com |accessdate=August;LKMJHUBGGHFVNMGFVCFVC VC VC 7, 2011}}</ref>{{Verify credibility|date=August 2011}}


==References==
In 1982, Dallas businessman [[Samuel Wyly]] bought controlling interest in Michaels,<ref name="Four hundred">[http://www.forbes.com/lists/2006/54/biz_06rich400_Samuel-Wyly_G89I.html "The 400 Richest Americans: #354, Samuel Wyly"], ''Forbes'' magazine, September 21, 2006</ref> when the company's annual revenues were around $10 million.<ref name="MSJ">Rigoni, Gene. [http://www.umich.edu/~msjrnl/backmsj/011397/wyly.html "Sam Wyly 'Innovates To Opportunity' Time And Time Again"], ''Monroe Street Journal'', Stephen M. Ross School of Business, University of Michigan, January 13, 1997</ref> After the sale, Dupey founded [[MJ Designs]] which was later bought out by Michaels.
{{Reflist|30em|refs=}}

In 1984, the Michaels chain was first publicly traded. At the time it had 16 stores.

In 1994, Michaels acquired the Treasure House Crafts chain in the Northwest United States. It also acquired Oregon Craft & Floral Supply, as well as H&H Craft & Floral.<ref>{{cite news|last1=Goldfield|first1=Robert|title=Craft store veteran to challenge competitors with new superstore|url=http://www.bizjournals.com/portland/stories/1999/03/15/story3.html|accessdate=26 July 2015|work=[[Portland Business Journal]]|date=March 14, 1999}}</ref> In July 1994, Michaels acquired [[Leewards Creative Crafts]], a 101-unit store chain, which gave Michaels a "solid footing" in the Midwestern and Northeastern regions of the United States.

In 1995, Michaels acquired Aaron's Brothers Holdings, Inc., a specialty framing and art supply store.

In 1996, sales were $1.24 billion and the company opened its 450th store.<ref name="MSJ"/> By 2003, the company's annual sales were in excess of 3 billion dollars.
[[File:Michaels Arts And Crafts.jpg|thumb|Michaels Store located in Saugus, Massachusetts]]

In 2006, two private equity groups, [[Bain Capital]] and the [[Blackstone Group]], purchased the company for $6 billion.<ref name="Four hundred"/> The two own equal shares<ref name="MSJ"/> and 93 percent between them. [[Highfields Capital Management]] owns another 6.2 percent of the company.<ref name=Reu01>Oran, Olivia, and Greg Roumeliotis, [http://in.reuters.com/article/2012/03/26/michaels-store-idINDEE82P0M420120326 "Blackstone, Bain prepare Michaels Stores IPO"], ''Reuters'', March 27, 2012. Retrieved 2012-03-27.</ref>

Michaels opened its 1000th store in Texas in the fall of 2008.

In 2010, Michaels Arts and Crafts started bringing back a revised class program. These classes include beading, knitting, crocheting, scrapbooking, painting, and cake decorating. In addition, Michaels introduced two bi-monthly do-it-yourself craft nights allowing customers to bring their projects into the store where Michaels provides tools, supplies, and a workspace for crafting. Bead Night for jewelry makers and Crop Night for the scrapbooker both launched in 2010.

===IPO===
In March, 2012, ''Reuters'' reported that [[JPMorgan Chase]] and [[Goldman Sachs]] were "the leads on what could be one of the year's largest IPOs in the retail sector", with one source saying the IPO would be registered in April. None of the owners or bankers would comment by name on the record. ''Reuters'' further reported that Michaels posted earnings before interest, income taxes, depreciation and amortization of $661 million in 2011 and had total debt of $3.5 billion as of January 28, 2012.<ref name=Reu01/> The filing, for a $500 million common stock issue,<ref>[http://sec.gov/Archives/edgar/data/740670/000104746912003646/a2208573zs-1.htm ''sec.gov'']</ref> came on March 30. The ticker would be MIK on the [[NYSE]]. A report on the filing put the company's debt at $3.8 billion and said 2011 revenue was $4.2 billion (+4% year-to-year) and net income was $176M.<ref>[http://seekingalpha.com/currents/post/230051 "Arts & crafts retailer Michaels ..."], ''[[Seeking Alpha]]'' Market Currents, March 30, 2012. Retrieved 2012-03-30.</ref>

In July 2012, the IPO was "put on hold indefinitely" after CEO Menzer had a stroke.<ref name=WSJ01/>

In June 2014, a $528m IPO valuing the company overall at $3.86bn. was announced, with pricing expected late in the month. "Bain and Blackstone ... will own about 40 per cent of the company each after the IPO" and the company will still have a "$3.7bn debt pile, which includes $1.6bn of variable rate debt", according to the ''Financial Times''.<ref>[http://on.ft.com/1p8od3U "Bain and Blackstone ready to float Michaels"], ''Financial Times'', June 16, 2014. Retrieved 2014-06-16.</ref>

==Management==
In April 2012, Chief Executive John Menzer suffered a stroke. The IPO was postponed in July 2012<ref name=WSJ01>Dezember, Ryan, and Telis Demos, [http://blogs.wsj.com/deals/2012/07/06/ipo-for-crafts-retailer-michaels-on-hold-indefinitely/ "IPO for Crafts Retailer Michaels on Hold Indefinitely"], July 6, 2012. Retrieved 2012-12-12.</ref> and later in the month Menzer retired.<ref>Halkias, Maria, [http://www.dallasnews.com/business/retail/20120720-michaels-ceo-john-menzer-resigns-months-after-suffering-stroke.ece "Michaels CEO John Menzer resigns, months after suffering stroke"], Dallas ''News'', 20 July 2012. Retrieved 2013-02-17.</ref>

In Menzer's absence, Lew Klessel, Bain managing director, and Charles Sonsteby, Michaels’ chief administrative officer and chief financial officer, served in a temporary Office of CEO. In February 2013, Chuck Rubin was appointed CEO. Rubin was president and CEO of personal-care specialty retailer [[Ulta|Ulta Beauty]] at the time of his appointment and had previously been with [[Office Depot]] and [[Accenture]]. The Michaels Office of CEO was discontinued when Rubin assumed his position later in February and Sonsteby continued as CAO/CFO.<ref>[http://www.hfnmag.com/business-finance/rubin-become-michaels-ceo "Rubin to Become Michaels CEO"], ''[[Macfadden Publications#Current publications|HFN]]'', 02/15/2013. Retrieved 2013-02-17.</ref>

==Products==
[[File:Michaels.png|thumb|Michaels logo used from 1984-2009]]
Michaels sells a variety of arts and crafts products, including [[scrapbooking]], [[beadwork|beading]], [[knitting]], [[rubber stamp]]ing, [[interior decoration|home decor]] items, [[flower|floral]] items, kids' crafts, [[paints]], [[Picture frame|framing]], [[Houseplant|greenery]], [[baking]] and many seasonal items. Michaels produces 10 exclusive private brands sold throughout its stores including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart and Loops & Threads. In April 2007, [[Martha Stewart]] teamed up with Michaels to launch a line initially available exclusively at Michaels called "Martha Stewart Crafts." The line features over 650 different products for the craft enthusiast. In May 2010, Michaels was the first retailer{{Citation needed|date=August 2011}} to feature [[Chef Duff]]'s Duff Goldman Collection in its store. The baking line features more than 70 products including fondant, sprinkle sets, color spray, cake tattoos and color paste.

==Data compromise==
On May 5, 2011, Michaels sent an email alert to its customers revealing that its debit card terminals in 20 states had been compromised. Customers who made PIN-based purchases between February 8 and May 6, 2011 may have had their data exposed.<ref>{{cite news |author=McClatchy News Service |title=Michaels investigates customer data breach, replaces debit pads |url=http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20110514/BIZ/105140302 |work=Mail Tribune |date=May 14, 2011 |accessdate=August 7, 2011}}</ref> A [[class action]] lawsuit was filed against Michaels in the County Court of [[Passaic, New Jersey]] over the incident.<ref>{{cite news |last=Fry |first=Chris |title=Class Slams Michaels for Data Breach |url=http://www.courthousenews.com/2011/07/14/38153.htm |work=Courthouse News Service |date=July 14, 2011 |accessdate=August 7, 2011}}</ref>

On January 25, 2014, Michaels warned of a possible second hacking of its customers' data and urged shoppers to keep an eye on their card statements for fraudulent activity.<ref>{{cite web|title=Craft Retailer Michaels Warns of Possible Hacking|url=http://www.newsmax.com/Companies/michaels-hacking-card-breach/2014/01/25/id/549011|publisher=Thomson/Reuters|accessdate=25 January 2014}}</ref>

==See also==
*[[Identity theft in the United States]]

== Notes ==
{{Reflist}}


==External links==
==External links==
* [https://investors.michaels.com/ The Michaels Companies]
{{Portal|Dallas-Fort Worth|Companies}}
*{{Official website|http://www.michaels.com/}}


{{Blackstone Companies}}
{{Bain Capital}}


{{DEFAULTSORT:Michaels Companies}}
[[Category:Arts and crafts retailers]]
[[Category:Arts and crafts retailers]]
[[Category:Blackstone Group companies]]
[[Category:Companies based in Irving, Texas]]
[[Category:Companies based in Irving, Texas]]
[[Category:Retail companies established in 1976]]
[[Category:Private equity portfolio companies]]
[[Category:Private equity portfolio companies]]
[[Category:Retail companies of the United States]]
[[Category:Retail companies of the United States]]
[[Category:Bain Capital companies]]
[[Category:2014 initial public offerings]]
[[Category:1976 establishments in Texas]]
[[Category:Retail companies established in 2014]]
[[Category:Companies listed on NASDAQ]]
[[Category:2021 mergers and acquisitions]]
[[Category:Companies formerly listed on the Nasdaq]]

Latest revision as of 04:17, 26 September 2024

The Michaels Companies, Inc.
Company typePrivate
Nasdaq: MIK
Industry
Founded2014; 10 years ago (2014) [1]
FounderMichael J. Dupey
HeadquartersIrving, Texas, U.S.
Number of locations
1,252 (US, Canada) (January 2021)[2]
Key people
Ashley Buchanan (CEO)[3]
ServicesMerchandise for makers and do-it-yourself home decorators
RevenueIncrease US$5.271 billion (2020)[2]
Increase US$533.54 million (2020)[2]
Increase US$294.9 million (2020)[2]
Total assetsIncrease US$4.528 billion (2020)[2]
Total equityIncrease US$−1.197 billion (2020)[2]
OwnerApollo Global Management
Number of employees
45,000 (2019)[2]
Subsidiaries
  • Michaels
  • Artistree
  • Aaron Brothers Custom Framing
WebsiteThe Michaels Companies

The Michaels Companies, Inc. is an American retail holding company, headquartered in Irving, Texas. It was formed as a parent company of Michaels in 2014. As of 2021, The Michaels Companies operates its flagship brand, Michaels (in the United States and Canada), and Artistree, a manufacturer of custom and specialty framing merchandise. There are over 1,252 arts and crafts stores located in the United States and Canada.

History

[edit]

The Michaels Companies debuted in June 2014 on the NASDAQ under the symbol MIK and raised about $472 million in its initial public offering, using the funds to pay down debt.[4] The IPO valued the company at $3.45 billion.[5][6] In April 2015, Rubin was named chairman, in addition to his title of CEO. In August 2015, Michaels announced a partnership with online DIY craft design and video company Darby Smart aimed at "making crafting simpler and more accessible."[7] In February 2016, the Michaels Companies inc. completed the acquisition of Lamrite West, Inc., which included an international wholesale business under the Darice brand name ("Darice") and 36 arts and crafts retail stores located primarily in the Midwest under the Pat Catan's brand name.[7] In August, The Michaels Companies acquired Hancock Fabrics' intellectual property and customer database as part of its bankruptcy and liquidation.[8] In June 2017, The Michaels Companies became a Fortune 500 company.[9] In Fall, Michaels launched a relationship with Elizabeth Jean "Busy" Philipps in fall 2017, resulting in a digital video series called The Make Off, in which Busy competes in a crafting competition against other celebrities. In 2018, The Make Off series was nominated for a Webby Award. That year the company also embarked on media partnerships with Good Morning America and Nickelodeon around the concept of promoting screen-free activities for children and teens. In March 2018, the Michaels companies announced its partnership with TV design personalities Drew and Jonathan Scott of HGTV's Property Brothers for a custom frame collection.[10] In January 2019, the Michaels companies announced the closure of the Pat Catan Stores, a dozen or more of which were to be reopened under the Michaels Stores name.[11] In November 2019, The Michaels Companies, Inc. announced that they would reopen up to 40 A.C. Moore stores after its bankruptcy and liquidation.[12] In October 2019, Mark Cosby was named CEO of the Michaels Companies after being named interim CEO in February 2019.[13] In November 2019, The Michaels Companies, Inc. announced that they would reopen up to 40 A.C. Moore stores as Michaels stores after A.C. Moore's bankruptcy and liquidation.[14] In January 2020, former Walmart merchandising executive Ashley Buchanan joined The Michaels Companies as the chief executive officer and a member of the board of directors.[15] In July, the company downsized its headquarters but remained in Irving, Texas.[16] On March 3, 2021, The Michaels Companies management agreed to be acquired by venture capital firm Apollo Global Management for $22 per share, or $3.3 billion, and the company was to be taken private.[17] In April, Apollo announced in a press release that the acquisition was completed.[18] The Michaels Companies owns Artistree, a vertically integrated custom framing business that manufactures precut mats and framing merchandise for Michaels Stores and online ordering. Custom framing orders are processed and shipped to a Michaels store where the frame is assembled and picked up by the customer.

References

[edit]
  1. ^ Alden, William (June 26, 2014). "Michaels I.P.O. Prices at $17, at Low End of Range". The New York Times. Retrieved January 17, 2019.
  2. ^ a b c d e f g "Form 10-K Michaels Companies, Inc". sec.report. March 9, 2021. Retrieved March 7, 2022.
  3. ^ "Michaels Company Profile". fortune.com. 13 June 2018. Retrieved 2022-01-22.
  4. ^ Alden, William (June 26, 2014). "Michaels I.P.O. Prices at $17, at Low End of Range". The New York Times. Retrieved January 17, 2019.
  5. ^ "Crafts retailer Michaels raises $473 million in IPO". Reuters. June 26, 2014. Retrieved May 18, 2021.
  6. ^ "The Michaels Companies, Inc. LEI 549300H9LWMBP7HYLR98". LEI. June 12, 2014. Retrieved May 18, 2021.
  7. ^ a b Sciacca, Annie (August 20, 2015). "S.F.-based DIY startup lands partnership with craft retail giant". San Francisco Business Times. Retrieved January 17, 2019.
  8. ^ Urbanski, Al (August 4, 2016). "Michaels buys Hancock Fabrics brand". chainstoreage.com. Eagle Operating Corp. Retrieved January 16, 2019.
  9. ^ Wieczner, Jenn (June 7, 2017). "Tesla and 19 Companies Join the Fortune 500 for the First Time". Fortune. Retrieved January 16, 2019.
  10. ^ Halkias, Maria (March 1, 2018). "Arts and crafts retailer Michaels partners with HGTV's Property Brothers to boost framing business". DallasNews.com. Dallas Morning News, Inc. Retrieved January 14, 2019.
  11. ^ "Michaels doing away with Pat Catan's stores". The Post. February 16, 2019. Retrieved May 18, 2021.
  12. ^ Tyko, Kelly (November 25, 2019). "A.C. Moore closing all stores, up to 40 locations set to become Michaels". USA Today. McLean, Virginia. Retrieved November 25, 2019.
  13. ^ Ayers, Rebecca (October 22, 2019). "Michaels names interim leader to CEO spot". Dallas Business Journal. Retrieved November 15, 2019.
  14. ^ "All 145 A.C. Moore stores will shut down, but a small handful will become Michaels locations". Business Insider. November 26, 2019. Retrieved May 18, 2021.
  15. ^ Ell, Kellie (2019-12-27). "Arts and Crafts Company Michaels Taps Walmart Exec". WWD. Archived from the original on 2021-03-04. Retrieved March 17, 2021.
  16. ^ "Michaels Stays in Irving With HQ Move". GlobeST. July 28, 2020. Retrieved May 18, 2021.
  17. ^ Thomas, Lauren (March 3, 2021). "Crafts retailer Michaels will go private in $3.3 billion deal with Apollo Global". CNBC. Retrieved March 3, 2021.
  18. ^ "Apollo Announces Completion of the Tender Offer for Shares of The Michaels Companies". Yahoo. April 15, 2021. Retrieved May 18, 2021.
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