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🠈  Michaels Arts and Crafts  🠊

Michaels

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 went public in 1984 and grew to $3B in sales by 2003. In 2006 a private equity partnership of Bain Capital and the Blackstone Group bought the store for $6 billion when it had 900 stores. The chain opened its thousandth store in 2008.

The company raised $473 million in a second IPO in 2014 with the symbol MIK.

The web site sells arts and crafts supplies mixed in with a large selection of design and creative ideas.

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References:

  1. Wikipedia - Michael's (Drawn 10/2/2019)
  2. Reuters - Michael's IPO (Drawn 10/2/2019)
  3. NY Times - Consortium buys michaels for $6 billion (Drawn 10/2/2019)

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