The Michaels Companies, Inc. is an American retail

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

, headquartered in Irving, Texas. It was formed as a parent company of

Michaels Michaels Stores, Inc., doing business as Michaels, is an American privately held arts and crafts retail chain. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourse ...

in 2014. , The Michaels Companies operates its flagship brand,

(in the United States and Canada), and Artistree, a manufacturer of custom and specialty framing merchandise. There are over 1,252 arts and crafts stores located in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

History

The Michaels Companies debuted in June 2014 on the NASDAQ under the symbol MIK and raised about $472 million in its initial public offering, using the funds to pay down debt. The IPO valued the company at $3.45 billion. In April 2015, Rubin was named chairman, in addition to his title of CEO. In August 2015, Michaels announced a partnership with online DIY craft design and video company Darby Smart aimed at "making crafting simpler and more accessible." In February 2016, the Michaels Companies inc. completed the acquisition of Lamrite West, Inc., which included an international wholesale business under the Darice brand name ("Darice") and 36 arts and crafts retail stores located primarily in the Midwest under the Pat Catan's brand name. In August, The Michaels Companies acquired Hancock Fabrics' intellectual property and customer database as part of its

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and

liquidation Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, w ...

. In June 2017, The Michaels Companies became a

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company. In Fall, Michaels launched a relationship with Elizabeth Jean "Busy" Philipps in fall 2017, resulting in a digital video series called ''The Make Off'', in which Busy competes in a crafting competition against other celebrities. In 2018, ''The Make Off'' series was nominated for a

Webby Award The Webby Awards (colloquially referred to as the Webbys) are awards for excellence on the Internet presented annually by the International Academy of Digital Arts and Sciences, a judging body composed of over three thousand industry experts a ...

. That year the company also embarked on media partnerships with ''

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'' and

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around the concept of promoting screen-free activities for children and teens. In March 2018, the Michaels companies announced its partnership with TV design personalities

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and Jonathan Scott of HGTV's ''

Property Brothers ''Property Brothers'' is a Canadian reality television series now produced by Scott Brothers Entertainment, and is the original show in the Property Brothers (franchise), ''Property Brothers'' franchise. The series features twin brothers Drew S ...

'' for a custom frame collection. In January 2019, the Michaels companies announced the closure of the Pat Catan Stores, a dozen or more of which were to be reopened under the Michaels Stores name. In October 2019, Mark Cosby was named CEO of the Michaels Companies after being named interim CEO in February 2019. In November 2019, The Michaels Companies, Inc. announced that they would reopen up to 40 A.C. Moore stores as Michaels stores after A.C. Moore's

and

. In January 2020, former Walmart merchandising executive

Ashley Buchanan J. Ashley Buchanan (born 1974) is an American business executive who was the former chief executive officer of Kohl's. He was CEO from January to May 2025, a remarkably short time; Kohl's fired him just over 100 days into his tenure due to unethic ...

joined The Michaels Companies as the

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

and a member of the

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

. In July, the company downsized its headquarters but remained in Irving, Texas. On March 3, 2021, The Michaels Companies management agreed to be acquired by venture capital firm Apollo Global Management for $22 per share, or $3.3 billion, and the company was to be taken private. In April, Apollo announced in a press release that the acquisition was completed. The Michaels Companies owns Artistree, a vertically integrated custom framing business that manufactures precut mats and framing merchandise for Michaels Stores and online ordering. Custom framing orders are processed and shipped to a Michaels store where the frame is assembled and picked up by the customer.

References

External links

The Michaels Companies
{{DEFAULTSORT:Michaels Companies Arts and crafts retailers Companies based in Irving, Texas Private equity portfolio companies Retail companies of the United States 2014 initial public offerings Retail companies established in 2014 2021 mergers and acquisitions Companies formerly listed on the Nasdaq