The Michaels Companies

The Michaels Companies, Inc.
	File:The Michaels Companies logo.png
Company type	Private
Traded as	Nasdaq: MIK
Industry	Template:Flat list
Founded	2014; 12 years ago
Founder	Michael J. Dupey
Headquarters	Irving, Texas, U.S.
Number of locations	1,252 (US, Canada) (January 2021)
Key people	David Boone (CEO)
Services	Products for creators and DIY home decorators
Revenue	Increase US$5.271 billion (2020)
Operating income	Increase US$533.54 million (2020)
Net income	Increase US$294.9 million (2020)
Total assets	Increase US$4.528 billion (2020)
Total equity	Increase US$−1.197 billion (2020)
Owner	Apollo Global Management
Number of employees	45,000 (2019)
Subsidiaries	Michaels; Artistree; Aaron Brothers Custom Framing;
Website	The Michaels Companies

The Michaels Companies, Inc. is a U.S.-based retail holding company with its headquarters in Irving, Texas. Established in 2014 as the parent organization of Michaels, it manages its primary brand Michaels across the United States and Canada, alongside Artistree, a producer specializing in custom and specialty framing products. As of 2021, the company operates more than 1,252 arts and crafts outlets throughout North America.

History

The Michaels Companies entered the NASDAQ market in June 2014 under the ticker symbol MIK, successfully raising approximately $472 million through its initial public offering, which was primarily utilized to reduce outstanding debt. This IPO valued the enterprise at roughly $3.45 billion. In April 2015, Rubin assumed the role of chairman while retaining his CEO position. By August of that year, Michaels formed a collaboration with online DIY craft platform Darby Smart to enhance accessibility and simplify crafting for consumers. In February 2016, the company finalized the acquisition of Lamrite West, Inc., which included the Darice brand's international wholesale operations and 36 retail stores under the Pat Catan's banner predominantly located in the Midwest. Later that year, in August, The Michaels Companies acquired intellectual property and customer data from Hancock Fabrics amid its bankruptcy proceedings.

June 2017 marked The Michaels Companies' inclusion in the Fortune 500 list. That autumn, Michaels partnered with Elizabeth Jean "Busy" Philipps to produce The Make Off, a digital video series featuring crafting competitions among celebrities; this series received a Webby Award nomination in 2018. The same year saw media collaborations with Good Morning America and Nickelodeon focused on encouraging screen-free activities for youth. March 2018 brought a partnership with HGTV's Property Brothers stars Drew and Jonathan Scott to launch a custom frame collection.

In January 2019, the company announced plans to close Pat Catan Stores, with some locations reopening under the Michaels brand. Mark Cosby was appointed CEO in October 2019 after serving as interim leader since February of that year. Following A.C. Moore's bankruptcy and liquidation in November 2019, The Michaels Companies revealed intentions to reopen up to 40 former A.C. Moore stores as Michaels locations.

Ashley Buchanan, formerly of Walmart merchandising leadership, joined as CEO and board member in January 2020. That July, the company relocated its headquarters within Irving but maintained its city base.

On March 3, 2021, management agreed to be acquired by Apollo Global Management for $22 per share totaling $3.3 billion, transitioning The Michaels Companies into a privately held entity. Apollo confirmed completion of this acquisition in April.

Artistree operates as a vertically integrated custom framing manufacturer owned by The Michaels Companies, producing precut mats and framing supplies for both Michaels stores and online customers. Custom framing orders are fulfilled by shipping components to local Michaels outlets where frames are assembled and collected by patrons.

References

External links

Official site of The Michaels Companies