Michaels Arts & Crafts Retailer Being Sold
Sioux Falls has a Michaels Arts and Crafts store at 3801 W 34th Street by Sam's Club. If you are into doing crafty things no doubt you have been through their doors.
Michaels is a publicly-traded company but has just announced that they have agreed to be sold to a private company. Apollo Global Management has agreed to buy Michaels in a transaction valued at around $5 billion.
Michaels describes itself as “the largest arts and crafts retail chain in North America. In addition to our retail outlets, The Michaels Companies also own multiple brands that allow us to collectively provide arts, crafts, framing, floral, home décor, and seasonal merchandise to hobbyists and do-it-yourself home decorators. We believe anyone can make, and we’re on a mission to inspire and encourage everyone to unleash his or her inner maker.”
CNBC is reporting that Michaels Chief Executive Ashley Buchanan commented on the transaction stating that “As a private company we will have the financial flexibility to invest in, expand, and improve our retail and digital platforms.”
The history of Michaels goes back to 1973 when Dallas businessman Michael J. Dupey founded the company. Less than 10 years later in 1982 Dallas businessman Sam Wyly bought a controlling interest in Michaels. At that time there were 11 stores. Today Michaels has over 1,200 stores in North America and employs roughly 44,000 people.