The Michaels Companies facts for kids
 |
|
| Private | |
| Industry | |
| Founded | 2014 |
| Founder | Michael J. Dupey |
| Headquarters | Irving, Texas, U.S. |
|
Number of locations
|
1,252 (US, Canada) (January 2021) |
|
Key people
|
Ashley Buchanan (CEO) |
| Services | Merchandise for makers and do-it-yourself home decorators |
| Revenue |  US$5.271 billion (2020) |
|
Operating income
|
US$533.54 million (2020) |
| US$294.9 million (2020) |
|
| Total assets | US$4.528 billion (2020) |
| Total equity | US$−1.197 billion (2020) |
| Owner | Apollo Global Management |
|
Number of employees
|
45,000 (2019) |
| Subsidiaries |
|
The Michaels Companies is a big American company. It owns stores that sell arts and crafts supplies. Its main office is in Irving, Texas.
The company started in 2014. It is the main company behind the popular Michaels stores. As of 2021, The Michaels Companies runs Michaels stores in the United States and Canada. They also own Artistree, which makes custom picture frames. There are more than 1,250 Michaels arts and crafts stores across North America.
History of Michaels Companies
The Michaels Companies first offered its shares to the public in June 2014. This helped them raise money to grow their business. In 2015, Rubin became both the boss (CEO) and the chairman of the company.
In August 2015, Michaels teamed up with Darby Smart. This online company shares DIY craft ideas and videos. Their goal was to make crafting easier and more fun for everyone.
In 2016, The Michaels Companies bought another company called Lamrite West, Inc. This included Darice, which sells craft supplies to other businesses. It also included 36 Pat Catan's arts and crafts stores. Later that year, Michaels 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 U.S. In the fall of 2017, Michaels started working with actress Busy Philipps. They created a video series called The Make Off, where Busy competed in crafting challenges. This series was even nominated for a Webby Award in 2018.
Also in 2018, the company partnered with Good Morning America and Nickelodeon. They wanted to encourage kids and teens to do screen-free activities. In March 2018, Michaels also announced a partnership with TV stars Drew and Jonathan Scott. These "Property Brothers" helped create a special collection of custom frames.
In January 2019, The Michaels Companies decided to close the Pat Catan's stores. However, many of these stores were later reopened as Michaels stores. In November 2019, they also announced plans to reopen up to 40 A.C. Moore stores as Michaels stores. This happened after A.C. Moore went out of business.
In January 2020, Ashley Buchanan became the new chief executive officer (CEO) of The Michaels Companies. He used to work for Walmart. In July 2020, the company made its main office smaller but stayed in Irving, Texas.
In March 2021, a company called Apollo Global Management agreed to buy The Michaels Companies. They bought it for about $3.3 billion. In April, Apollo announced that the purchase was complete. This made The Michaels Companies a private company again.
The Michaels Companies also owns Artistree. This business makes pre-cut mats and framing supplies. They make these items for Michaels stores and for online orders. When you order a custom frame, it's made by Artistree. Then it's sent to a Michaels store for you to pick up.
