🠈 Michaels Arts and Crafts 🠊
Michaels is a chain of Arts and Crafts superstores that has over 1200 locations. Their headquarters are in Irving, Tx. They trade on the NASDAQ with the symbol MIK
The chain traces its history to 1976 when Dallas businessman Michael J. Dupey opened his first store in Dallas, Texas. The stores had grown to $10M in sales when Illinois businessman Samuel Wyly bought controlling interest.
Michaels acquired Aaron Brothers Custom Framing , which had 71 stores at the time, in 1995 which they expanded as a store within a store. In 2018 Michaels closed the free standing stores and rebranded the subsidiary as Michaels Custom Framing.4
Michaels went public in 1984 and grew to $3B in sales by 2003.
A private equity partnership of Bain Capital and the Blackstone Group bought the chain for $6 billion when it had 900 stores in 2006. The chain opened its thousandth store in 2008.
The company planned an IPO on the NYSE in 2012, which was delayed when CED John Menzer had a stroke. The company held the IPO on the NASDAQ in 2014 with the symbol MIK. The IPO raised $473 million.
In 2016 Michaels acquired Lamrite West, Inc. which operated the Darice chain and the Pat Catan chain6. They also acquired assets from the bankruptcy of Hancock Fabrics.
In 2019, Michaels bought 40 stores and a warehouse from AC Moore which had gone bankrupt with 145 stores.5
The web site sells arts and crafts supplies mixed in with a large selection of design and creative ideas.
This is a timeline of corporate events.7
- 1962: Jim Dupey founded Dupey Enterprises which operated Ben Franklin stores and related enterprises.
- 1973: Jim's son Michael Dupey converted a Dallas store into a arts and crafts store named Michaels.
- 1983: Peoples Restaurant, Inc, which was started by Sam Wyly and Charles J. Wyly, Jr, and owned the Bonanza Restaurant chain, acquired Michaels. Peoples owned the Bonanza Chain chain of steakhouses.
- 1984: Peoples spun off Michaels into a separate entity with Sam Wyly as CEO.
- 1984: Michaels acquired Montiel Corporation which operated 13 arts and craft stores in the Mountain West.
- 1987: Michaels acquired Moskatel's, Inc. which had 28 stores in California.
- 1988: Michaels acquired the Helen's Arts & Crafts Division of Wal-Mart Stores, Inc..
- 1990: Arcadia Partners, by Richard Bass, attempted a leveraged buyout which collapsed.
- 1994: Michaels acquired Oregon Craft & Floral Supply.
- 1994: Michaels acquired H&H Craft & Floral based in Southern California.
- 1994: Michaels acquired Treasure House Stores, Inc. based in Seattle Washington.
- 1994: Michaels acquired Leewards Creative Crafts which was a chain of 101 craft stores.
- 1995: Michaels acquired Aaron Brothers which was a 71 store chain offering framing services.
- 1996: R. Michael Rouleau became the CEO.
- 2000: Michaels acquired a florist operation in Dallas and transformed it into Star Decorators' Wholesale Warehouse.
- 2002: Michaels launched Village Crafts by Michaels which is a smaller format store.
- 2003: Michaels launched ReCollections chain in Dallas to sell scrapbooking supplies.
- 2008: Bain Capital acquired Michaels.
- 2012: Bain planned an IPO on the NYSE. This fell through when John Manzer, the CEO, suffered a stroke.
- 2014: Michaels raised $473 million with an IPO on the NASDAQ with the symbol MIK.
- 2016: Michaels acquired Lamrite West, Inc. which operated the Darice chain.
- 2016: Michael's acquired the Pat Catan chain.6
- 2016: Michaels acquired select assets of Hancock Fabrics which had gone bankrupt.
- 2019: Michaels bought 40 stores and a warehouse from AC Moore which had gone bankrupt with 145 stores.5.
- Wikipedia - Michael's (Drawn 10/2/2019)
- Reuters - Michael's IPO (Drawn 10/2/2019)
- NY Times - Consortium buys michaels for $6 billion (Drawn 10/2/2019)
- Reuters - Michael closed Aaron Bros (Drawn 6/30/2020)
- Retail Touch Points - AC Moore to close all stores (Drawn 7/5/2020) 2459031
- Cleveland.com (Drawn 6/30/2020) https://www.cleveland.com/business/2016/02/michaels_buys_strongsville-bas.html
- Funding Universe - Michaels (Drawn 6/30/2020)
- Coconino County - Shopping: Michaels Arts and Crafts
- Mohave County - Shopping: Michaels
- Phoenix Color - Shopping: Michaels
- Pima County - Shopping: Michaels Arts and Crafts
- Pinal County - Shopping: Michaels Arts and Crafts
- Yavapai County - Shopping: Michaels Arts and Crafts
- Yuma County - Shopping: Michaels Arts and Crafts
- Boulder Color - Crafts: Michaels
- Colorado Springs Color - Crafts: Michaels
- Denver Color - Crafts: Michaels
- Fort Collins Color - Crafts: Michaels
- Grand Junction - Crafts: Michaels Crafts
- Missoula Websites - Crafts: Michaels Crafts
- Davis County - Shopping: Michaels Arts and Crafts
- Logan Utah - Shopping: Michaels Arts and Crafts
- Park City, Utah - Shopping: Michaels Arts and Crafts
- Provo Utah - Crafts: Michaels Crafts
- Saint George - Crafts: Michaels Crafts
- Salt Lake Sites - Art Supplies: Michaels Crafts
- Cheyenne, Wyoming. US - Shopping: Michaels Arts and Crafts
Prev ~ ~ Index ~ ~ Next