MJ Designs
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| Defunct as of 2003 | |
| Industry | Retail |
| Founded | 1986 |
| Founder | Michael Dupey |
| Headquarters | Coppell, Texas |
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Key people
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Michael Dupey (Chairman) |
| Products | Retail Arts & Crafts, Scrapbooking, Home Decor, Custom Framing |
| Revenue | N/A |
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Number of employees
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N/A |
| Website | www.mjdesigns.com |
MJ Designs was an arts and crafts retail store in the Dallas/Fort Worth and Washington, D.C., areas. The company filed Chapter 11 Bankruptcy on December 13, 2002, and went out of business in May 2003.
MJ Designs sold a variety of arts and crafts products, floral products and arrangements, scrap booking, custom framing, bisque, and hobby supplies such as dollhouse merchandise, miniature train sets, and decorations.
Michael Dupey got his start in 1968 when he worked for City Product Corporation (Ben Franklin Stores). He converted one of these stores into an arts and crafts outlet, after his father, James Dupey, purchased it for $72,000 from City Product Corporation, which included all of the outlets. The buyout stated that Michael Dupey had to pay his father back $1.2 million after taxes, with the balance due after 8 years. In that period of time he changed the name to Michaels Arts & Crafts and paid back his father's loan.
In 1983 his father sold out the contracts to Sam Wyly. James Dupey sold his son's contracts for the stores that were not paid for 100%, along with Michael's cash deposits and his name (Michael's Arts & Crafts). James Dupey told Michael that the store name was registered under Dupey Management Corporation (Michael Dupey's Corporation), however, it was not James Dupey had registered it in his corporation, Dupey Enterprises, Inc.
Michael worked with the new owner Sam Wyly. He gave Michael the two Michaels Arts & Craft Stores in the Dallas/Fort Worth area in return for his son Michael to help him build public company.
Sam operated Michaels from 1983 till 1990 when it became involved in financial difficulty. Michael Dupey, who at the time was operating his 24-unit MJDesigns chain, was brought in as a special consultant. The public company was moving forward on all fronts with positive momentum. The Michaels chain comprised 140 stores by the end of 1990, with sales reaching $362 million and debt down from $34 million to $9 million after one year. Michael worked as a consultant for Michael’s public company till 1999.
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Wikipedia