Michaels


Michaels
Michaels
Type Private
Industry Retail
Founded Dallas, Texas, U.S. (1984)
Headquarters Irving, Texas, U.S.
Products Retail-Arts, Crafts, Scrapbooking, Home Decor
Revenue US$3.9 million per store annually
Owner(s) Bain Capital, Blackstone Group
Website michaels.com
A location in Eden Prairie, MN

Michaels is an arts and crafts retail chain. It currently operates more than 1040 Michaels Arts and Crafts Stores located in 49 U.S. states and in Canada.[1] The company owns and operates the Aaron Brothers retail chain which consists of more than 140 stores. Michaels also 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 company employs 12,500 people.

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, framing, floral, wall décor, bakeware,beads, scrapbooking and seasonal merchandise for hobbyists and do-it-yourself (DIY) 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.

Contents

History

A location in Halifax, Canada

In 1976, Dallas businessman Michael J. Dupey opened Michael's in the former Northtown Mall in Dallas, Texas. The location closed in the 1990s and is now a technology building.[2][unreliable source?]

In 1982, Illinois businessman Samuel Wyly bought controlling interest in Michaels;[3] the company's annual revenues were around $10 million at the time of purchase.[4]

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.

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 450 store.[4] 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.[3] The two own equal shares.[4]

Michaels opened its 1000th store in Texas in 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 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.

Products

Michaels logo used from 1984-2009, still in use on some signs.

Michaels sells a variety of arts and crafts products, including scrapbooking, beading, knitting, rubber stamping, home decor items, floral items, kids' crafts, paints, framing, 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] 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.[5] A class action lawsuit has been filed against Michaels in the County Court of Passaic, New Jersey over the incident.[6]

Notes

External links

Portal icon Dallas-Fort Worth portal
Portal icon Companies portal

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