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About Michaels Stores, Inc.
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. 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 m²) of selling space. The stores sell a selection of arts, crafts, framing, floral, wall décor, 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.