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Apollo Global Management to acquire Michaels for $5 billion Acquisitions 

Apollo Global Management to acquire Michaels for $5 billion

Craft retailer The Michaels Companies announced it has entered into a $5 billion deal to merge with affiliates of investment fund Apollo Global Management. (Incidentally, Apollo Global Management owns Shutterfly Inc.) Under the terms of the agreement, Apollo will commence a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash. The purchase price represents... Read More
The Michaels Companies appoints Ashley Buchanan as new CEO News People on the Move 

The Michaels Companies appoints Ashley Buchanan as new CEO

The Michaels Companies Inc. announced Ashley Buchanan, an experienced retail executive from Walmart, was named President and Chief Executive Officer Designate and appointed to the Company’s Board of Directors, effective January 6, 2020. He will succeed Mark Cosby as Chief Executive Officer upon completion of a transition period ending April 1, 2020. Cosby will continue to serve as CEO until... Read More
Michaels expands custom frame solutions for customizing photos Press releases 

Michaels expands custom frame solutions for customizing photos

New Capabilities Include Easy Ordering Process Between In-Store and Online Channels, Expanded Specialty Printing Services and More than 150 New Frames Fit for Every Home Décor Aesthetic May 02, 2019 08:00 AM Eastern Daylight Time IRVING, Texas–(BUSINESS WIRE)–The Michaels Companies, Inc., the largest arts and crafts retail chain in North America, today unveils new custom framing capabilities designed to deliver... Read More
The Michaels Companies to close Pat Catan’s Arts & Craft stores News Press releases 

The Michaels Companies to close Pat Catan’s Arts & Craft stores

Company Intends to Rebrand and Reopen Up to 12 Locations as Michaels Stores in Fiscal 2019 Management Updates 4Q Guidance, Excluding Impact from Pat Catan’s Closures January 30, 2019 08:30 AM Eastern Standard Time IRVING, Texas–(BUSINESS WIRE)–The Michaels Companies, Inc. (NASDAQ: MIK) today announced its decision to close all of its Pat Catan’s stores in the fourth quarter of fiscal... Read More
The Michaels Companies announces first quarter 2018 results Earnings reports Press releases 

The Michaels Companies announces first quarter 2018 results

Comparable store sales increased 0.4% Diluted EPS of $0.15; adjusted diluted EPS of $0.39, excluding $0.24 per diluted share related to one-time restructuring charges and tax reform Reaffirms FY18 Guidance IRVING, Texas–(BUSINESS WIRE)–Jun. 14, 2018– The Michaels Companies, Inc. (NASDAQ: MIK) today reported diluted earnings per share for the first quarter of fiscal 2018 of $0.15, or $0.39 per diluted... Read More
Crafts retailer Michaels to fold Aaron Brothers into main stores News 

Crafts retailer Michaels to fold Aaron Brothers into main stores

Michaels Companies will shutter 94 Aaron Brothers framing and art supplies stores, planning to make Aaron Brothers a “store-within-a-store” within its 1,300 craft stores in the United States and Canada. According to its quarterly earnings report, the company will rebrand its “Framerspointe.com” custom-framing website to AaronBrothers.com. In fiscal 2017, Aaron Brothers net sales totaled approximately $110 million and had no material impact... Read More