History
In 1976, Dallas businessman Michael J. Dupey opened Michael's in the former Northtown Mall in Dallas, Texas. The location closed in the 1990s and is now a technology building.
In 1982, Dallas businessman Samuel Wyly bought controlling interest in Michaels; the company's annual revenues were around $10 million at the time of purchase.
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. The biggest chain was acquired in July, which was Leewards Creative Craft, Inc. This was a 101 unit store chain giving Michaels solid footing the midwestern and northeastern regions.
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 450 store. By 2003, the company's annual sales were in excess of 3 billion dollars.
In 2006, two private equity groups, Bain Capital and the Blackstone Group, purchased the company for $6 billion. The two own equal shares and 93 percent between them; Highfields Capital Management owns another 6.2 percent of the private company.
Michaels opened its 1000th store in Texas in 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.
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