Michaels Stores
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| Public company | |
| Industry | Retail |
| Founded | 1973 Dallas, Texas |
| Founder | Michael Dupey |
| Headquarters | Irving, Texas |
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Number of locations
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1,367 |
| Website | michaels |
In 1973, 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.
In 1982, Dallas businessman Samuel Wyly bought controlling interest in Michaels, when the company's annual revenues were around $10 million. After the sale, Dupey founded MJ Designs which was later bought out by Michaels.
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. 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. By 2003, the company's annual sales were in excess of 3 billion dollars.
In 2006, two private equity groups, Bain Capital and the Blackstone Group, purchased the company for $6 billion. The two own equal shares and 93 percent between them. Highfields Capital Management owns another 6.2 percent of the company.
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.
In August 2016, Michaels announced its intent to acquire Hancock Fabrics' intellectual property and customer database as part of its bankruptcy and liquidation.
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. The filing, for a $500 million common stock issue, 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.
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Wikipedia