The Michaels Companies

The Michaels Companies, Inc., an American retail holding company based in Irving, Texas, was established as a parent company of Michaels in 2014. As of 2021, it operates Michaels stores across the United States and Canada, along with Artistree, which specializes in custom framing merchandise. The company has over 1,252 arts and crafts stores. The Michaels Companies debuted on the NASDAQ in June 2014 under the ticker MIK, raising $472 million through an initial public offering to reduce debt. By April 2015, Rubin became chairman and CEO. In August 2015, they partnered with Darby Smart to enhance crafting accessibility. In February 2016, the company acquired Lamrite West, Inc., gaining the Darice wholesale brand and Pat Catan's retail stores. They also secured Hancock Fabrics' intellectual property and customer database in 2016. In June 2017, Michaels joined the Fortune 500 list. The company launched The Make Off series with Busy Philipps in 2017, later partnering with Good Morning America and Nickelodeon to promote screen-free activities for children. A collaboration with HGTV’s Drew and Jonathan Scott in March 2018 introduced a custom frame collection. In January 2019, Pat Catan Stores were closed, some reopening as Michaels stores. Plans to reopen up to 40 A.C. Moore stores as Michaels followed in November 2019. Mark Cosby became CEO in October 2019 after serving as interim CEO since February. Ashley Buchanan joined as CEO in January 2020, and the company downsized its headquarters while remaining in Irving, Texas. The Michaels Companies were acquired by Apollo Global ...