Company Snapshot: Michaels Stores Inc.
8000 Bent Branch Dr.
Irving, TX 75063-6023
Aaron Brothers 128
Total Annual Sales:
Charles M. Sonsteby- CEO (Interim) CFO, CAO
Michaels Stores is undoubtedly the preeminent arts and crafts retail chain in the country. Founded as a single unit, the company went public in 1984 while operating just sixteen locations. During a particularly challenging period, the company was acquired in 2006 by private equity firms Bain Capital and the Blackstone Group and taken private.
Experiencing more positive financials recently, the company decided to file for an IPO (Initial Public Offering) with expectations to raise as much as $500 million. This money was expected to pay down debt and promote the retailer’s expansion plans.
While Michaels locations are well publicized, nationally eminent arts and crafts stores, Aaron Brothers stores should not be overlooked. Michaels locations average 18,200 square feet and are the big boxes of their genre; Aaron Brothers stores average 5,600 square feet and focus on a specialty framing and art supplies.