October 23, 2016 5:10 AM ET

Specialty Retail

Company Overview of Michaels Stores, Inc.

Company Overview

Michaels Stores, Inc. operates as an arts and crafts specialty retailer in North America. Its stores offer arts, crafts, framing, floral, home décor, and seasonal merchandise for the hobbyists and do-it-yourself home decorators. The company also provides photo frames, ready-made frames, art prints, framed arts, art supplies, and custom framing services. As of August 1, 2015, it owned and operated 1,186 Michaels stores in the 49 states of the United States, as well as in Canada; and 118 Aaron Brothers stores. In addition, Michaels Stores, Inc. produces private brands, including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart,...

8000 Bent Branch Drive

Irving, TX 75063

United States

Founded in 1962

13,000 Employees



Key Executives for Michaels Stores, Inc.

Chairman, Chief Executive Officer and Member of Nominating & Corporate Governance Committee
Age: 56
Chief Financial Officer and Executive Vice President
Age: 44
Executive Vice President of Category Management
Age: 57
Vice Chairman
Age: 62
Executive Vice President, General Counsel and Secretary
Age: 59
Compensation as of Fiscal Year 2016.

Michaels Stores, Inc. Key Developments

Michaels Stores, Inc. Enters into Second Amendment to Amended and Restated Credit Agreement

On September 28, 2016, Michaels Stores, Inc. (MSI), as borrower, and Michaels Funding, Inc. and certain of MSIs subsidiaries, as guarantors, entered into a second amendment to amended and restated credit agreement (the amendment) with Deutsche Bank AG New York Branch, as administrative agent and collateral agent under the term loan facility, the 2016 converting replacement term B-1 loan lenders, the 2016 new replacement term B-1 loan lenders, the 2016 converting replacement term B-2 loan lenders (as defined in the amendment), the 2016 new replacement term B-2 loan lenders, certain lenders constituting the new required lenders and Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs Bank USA and Suntrust Robinson Humphrey, Inc., as joint lead arrangers and joint book running managers, which amends MSIs senior secured term loan facility (the term loan facility and the term loan facility, as amended by the amendment, is referred to herein as the amended term loan facility). As a result of the amendment, the term loans incurred on January 28, 2013 and the incremental term loans incurred on July 2, 2014 were converted into a single tranche of loans (the new B-1 term loans) and the maturity date for the new B-1 term loans was extended to January 28, 2023. The applicable margin for the new B 1 term loans under the amended term loan facility will be 1.75 % with respect to base rate borrowings and 2.75 % with respect to eurocurrency borrowings, subject to a 0.25% step-down based on MSIs consolidated secured debt ratio (as defined in the amended term loan facility). The amended term loan facility provides for a 1.0% soft call premium applicable to the new B-1 term loans in connection with certain repricing transactions occurring on or prior to the six month anniversary of the initial effective date of the amendment.

Michaels Stores, Inc., Q2 2017 Earnings Call, Aug 25, 2016

Michaels Stores, Inc., Q2 2017 Earnings Call, Aug 25, 2016

Michaels Stores, Inc. Presents at Barclays High Yield Bond & Syndicated Loan Conference, Jun-09-2016 01:25 PM

Michaels Stores, Inc. Presents at Barclays High Yield Bond & Syndicated Loan Conference, Jun-09-2016 01:25 PM. Venue: The Broadmoor, 1 Lake Avenue, Colorado Springs, Colorado, United States. Speakers: Charles M. Sonsteby, Chief Financial Officer and Chief Administrative Officer.

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Recent Private Companies Transactions

No transactions available in the past 12 months.

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