chain . for persons named michaels see michaels name . for other uses see michaels disambiguation . michaels stores inc. type public traded as nasdaq mik industry retail founded 1976 ; 40 years ago 1976 dallas texas u.s. headquarters irving texas u.s. products retail arts crafts scrapbooking home decor revenue us 4.2 billion 2011 net income us 176 million 2011 owner bain capital blackstone group highfields capital management number of employees 43 700 website www.michaels.com a location in eden prairie mn michaels stores inc. is a north american arts and crafts retail chain . it currently operates more than 1262 stores consisting of 1 145 michaels stores in 49 us states and canada and 118 aaron brothers stores as of may 31 2014 . 2 in addition michaels produces 10 exclusive private brands including recollections studio decor bead landing creatology ashland celebrate it art minds artist s loft craft smart and loops & threads . the corporate headquarters are located in irving texas . the average michaels store now contains 40 000 different products in 18 200 square feet 1 700 m of selling space . the stores sell a selection of arts crafts framing floral wall d cor bakeware beads scrapbooking and seasonal merchandise for hobbyists and do it yourself home decorators . michaels is the largest such chain in the united states . competitors include hobby lobby ben franklin stores jo ann stores ac moore and several smaller chains . canadian competitors include deserres . in april 2012 michaels filed for a 500 million initial public offering ipo but it was put on hold due to the chief executive s illness . in june 2014 the ipo was scheduled again . contents 1 history 1.1 ipo 2 management 3 products 4 data compromise 5 see also 6 notes 7 external links history edit framing counter of a michaels store in springfield virginia in 1976 dallas businessman michael j. dupey opened michaels in the former northtown mall in dallas texas . the location closed in the 1990s and is now a technology building . 3 unreliable source in 1982 dallas businessman samuel wyly bought controlling interest in michaels 4 when the company s annual revenues were around 10 million . 5 after the sale dupey founded mj designs which was later bought out by michaels . in 1984 the michaels chain was first publicly traded . at the time it had 16 stores . in 1994 michaels acquired the treasure house crafts chain in the northwest united states . it also acquired oregon craft & floral supply as well as h & h craft & floral . 6 in july 1994 michaels acquired leewards creative crafts a 101 unit store chain which gave michaels a solid footing in the midwestern and northeastern regions of the united states . in 1995 michaels acquired aaron s brothers holdings inc. a specialty framing and art supply store . in 1996 sales were 1.24 billion and the company opened its 450th store . 5 by 2003 the company s annual sales were in excess of 3 billion dollars . michaels store located in saugus massachusetts in 2006 two private equity groups bain capital and the blackstone group purchased the company for 6 billion . 4 the two own equal shares 5 and 93 percent between them . highfields capital management owns another 6.2 percent of the company . 7 michaels opened its 1000th store in texas in the fall of 2008 . in 2010 michaels arts and crafts started bringing back a revised class program . these classes include beading knitting crocheting scrapbooking painting and cake decorating . in addition michaels introduced two bi monthly do it yourself craft nights allowing customers to bring their projects into the store where michaels provides tools supplies and a workspace for crafting . bead night for jewelry makers and crop night for the scrapbooker both launched in 2010 . in august 2016 michaels announced its intent to acquire hancock fabrics intellectual property and customer database as part of its bankruptcy and liquidation . 8 ipo edit in march 2012 reuters reported that jpmorgan chase and goldman sachs were the leads on what could be one of the year s largest ipos in the retail sector with one source saying the ipo would be registered in april . none of the owners or bankers would comment by name on the record . reuters further reported that michaels posted earnings before interest income taxes depreciation and amortization of 661 million in 2011 and had total debt of 3.5 billion as of january 28 2012 . 7 the filing for a 500 million common stock issue 9 came on march 30 . the ticker would be mik on the nyse . a report on the filing put the company s debt at 3.8 billion and said 2011 revenue was 4.2 billion 4 % year to year and net income was 176m . 10 in july 2012 the ipo was put on hold indefinitely after ceo menzer had a stroke . 11 in june 2014 a 528m ipo valuing the company overall at 3.86 bn . was announced with pricing expected late in the month . bain and blackstone ... will own about 40 per cent of the company each after the ipo and the company will still have a 3.7 bn debt pile which includes 1.6 bn of variable rate debt according to the financial times . 12 management edit in april 2012 chief executive john menzer suffered a stroke . the ipo was postponed in july 2012 11 and later in the month menzer retired . 13 in menzer s absence lew klessel bain managing director and charles sonsteby michaels chief administrative officer and chief financial officer served in a temporary office of ceo . in february 2013 chuck rubin was appointed ceo . rubin was president and ceo of personal care specialty retailer ulta beauty at the time of his appointment and had previously been with office depot and accenture . the michaels office of ceo was discontinued when rubin assumed his position later in february and sonsteby continued as cao cfo . 14 products edit michaels logo used from 1984 2009 michaels sells a variety of arts and crafts products including scrapbooking beading knitting rubber stamping home decor items floral items kids crafts paints framing greenery baking and many seasonal items . michaels produces 10 exclusive private brands sold throughout its stores including recollections studio decor bead landing creatology ashland celebrate it art minds artist s loft craft smart and loops & threads . in april 2007 martha stewart teamed up with michaels to launch a line initially available exclusively at michaels called martha stewart crafts . the line features over 650 different products for the craft enthusiast . in may 2010 michaels was the first retailer citation needed to feature chef duff s duff goldman collection in its store . the baking line features more than 70 products including fondant sprinkle sets color spray cake tattoos and color paste . data compromise edit on may 5 2011 michaels sent an email alert to its customers revealing that its debit card terminals in 20 states had been compromised . customers who made pin based purchases between february 8 and may 6 2011 may have had their data exposed . 15 a class action lawsuit was filed against michaels in the county court of passaic new jersey over the incident . 16 on january 25 2014 michaels warned of a possible second hacking of its customers data and urged shoppers to keep an eye on their card statements for fraudulent activity . 17 see also edit identity theft in the united states notes edit isn t it grand michaels r opens 1000th store . reuters . september 10 2008 . investor overview the michaels companies inc. . retrieved 2 september 2016 . michaels stores inc. company profile information business description history background information on michaels stores inc. . referenceforbusiness.com . retrieved august 7 2011 . a b the 400 richest americans 354 samuel wyly forbes magazine september 21 2006 a b c rigoni gene . sam wyly innovates to opportunity time and time again monroe street journal stephen m. ross school of business university of michigan january 13 1997 goldfield robert march 14 1999 . craft store veteran to challenge competitors with new superstore . portland business journal . retrieved 26 july 2015 . a b oran olivia and greg roumeliotis blackstone bain prepare michaels stores ipo reuters march 27 2012 . retrieved 2012 03 27 . michaels buys hancock fabrics ip assets including customer info . daily journal . retrieved 5 august 2016 . sec.gov arts & crafts retailer michaels ... seeking alpha market currents march 30 2012 . retrieved 2012 03 30 . a b dezember ryan and telis demos ipo for crafts retailer michaels on hold indefinitely july 6 2012 . retrieved 2012 12 12 . bain and blackstone ready to float michaels financial times june 16 2014 . retrieved 2014 06 16 . halkias maria michaels ceo john menzer resigns months after suffering stroke dallas news 20 july 2012 . retrieved 2013 02 17 . rubin to become michaels ceo hfn 02 15 2013 . retrieved 2013 02 17 . mcclatchy news service may 14 2011 . michaels investigates customer data breach replaces debit pads . mail tribune . retrieved august 7 2011 . fry chris july 14 2011 . class slams michaels for data breach . courthouse news service . retrieved august 7 2011 . craft retailer michaels warns of possible hacking . thomson reuters . retrieved 25 january 2014 . external links edit dallas fort worth portal companies portal official website v t e the blackstone group founders peter george peterson stephen a. schwarzman business services cms computers rgis sungard minority shareholder consumer retail michaels joint control performance food group pinnacle foods united biscuits financial services bankunited minority stake healthmarkets minority stake fgic minority stake healthcare biomet emcure pharmaceuticals investment vanguard health systems industrial freescale joint control kl ckner pentaplast trw automotive control media telecommunications eaccess investment nielsen holdings minority stake axtel minority stake deutsche telekom minority stake tdc minority stake the weather channel minority stake travel & leisure hilton worldwide center parcs 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