The Michaels Companies facts for kids
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| Private | |
| Traded as | NASDAQ: MIK |
| Industry | |
| Founded | 2014 |
| Founder | Michael J. Dupey |
| Headquarters | Irving, Texas, U.S. |
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Number of locations
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1,252 (US, Canada) (January 2021) |
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Key people
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David Boone (CEO) |
| Services | Merchandise for makers and do-it-yourself home decorators |
| Revenue |  US$5.271 billion (2020) |
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Operating income
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US$533.54 million (2020) |
| US$294.9 million (2020) |
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| Total assets | US$4.528 billion (2020) |
| Total equity | US$−1.197 billion (2020) |
| Owner | Apollo Global Management |
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Number of employees
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45,000 (2019) |
| Subsidiaries |
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The Michaels Companies, Inc. is a large American company that owns many arts and crafts stores. Its main store is called Michaels. This company helps people find supplies for their creative projects, like painting, drawing, or making things for their homes.
As of 2021, The Michaels Companies runs its main brand, Michaels, in the United States and Canada. It also owns Artistree, which makes custom frames. There are over 1,250 arts and crafts stores in total.
Contents
The Story of Michaels Companies
The Michaels Companies started as a separate company in June 2014. It began trading on the stock market, which helped it raise money to grow.
Growing Bigger
Over the years, Michaels Companies grew by buying other businesses. In 2016, they bought a company called Lamrite West. This included the Darice brand, which sold crafts to other businesses, and Pat Catan's craft stores. They also bought the customer list from Hancock Fabrics.
In June 2017, The Michaels Companies became a "Fortune 500" company. This means it was one of the 500 largest companies in the United States based on its earnings.
Fun Partnerships
Michaels also worked with famous people to inspire creativity. In 2017, they teamed up with Busy Philipps for a video series called The Make Off. In this show, Busy competed in craft challenges against other celebrities. The series was even nominated for an award in 2018.
That same year, the company worked with Good Morning America and Nickelodeon. They wanted to encourage children and teens to do screen-free activities. In March 2018, Michaels also partnered with TV design stars Drew and Jonathan Scott from HGTV's Property Brothers for a special frame collection.
Changes and New Ownership
In January 2019, The Michaels Companies announced that some Pat Catan's stores would close. A few of them reopened as Michaels stores. In November 2019, they also decided to reopen up to 40 A.C. Moore stores as Michaels stores after A.C. Moore closed down.
In January 2020, Ashley Buchanan became the new chief executive officer. In July 2020, the company made its headquarters smaller but stayed in Irving, Texas.
In March 2021, a company called Apollo Global Management agreed to buy The Michaels Companies. By April 2021, the purchase was complete, and The Michaels Companies became a private company. This means its shares are no longer traded on the stock market.
Artistree: Making Frames
The Michaels Companies owns Artistree. This business makes pre-cut mats and framing materials for Michaels stores and online orders. When you order a custom frame, it's made by Artistree and then sent to a Michaels store. There, the frame is put together for you to pick up.
