The Michaels Companies, Inc. owns and operates a chain of arts and crafts specialty retail stores in North America. The company provides materials, project ideas and education for creative activities. Its stores offer approximately 36,000 stock-keeping units in arts, crafts, scrapbooking, floral, framing, home decor, seasonal offerings, and children's hobbies. As of November 2, 2013, the company operated 1,137 Michaels retail stores in 49 states, as well as in Canada, with approximately 18,000 average square feet of selling space per store. It also operated 122 Aaron Brothers stores as of November 2, 2013, in 9 states, with approximately 5,600 average square feet of selling space per store, offering photo frames, a full line of ready-made frames, custom framing services, and a selection of art supplies. The company operates a vertically integrated framing operation that utilizes Artistree, its wholly-owned manufacturing subsidiary, across its Michaels and Aaron Brothers store networks. Artistree supplies precut mats and custom framing merchandise. Distribution The company operates a distribution network, through its wholly-owned subsidiary, Michaels Stores Procurement Company, for supplying its stores with merchandise. Seasonality The company’s business is highly seasonal, with higher sales in the third and fourth fiscal quarters (year ended February 2, 2013). Its fourth quarter, which includes the holiday selling season, over the last 10 years, has on average accounted for approximately 34% of its net sales and approximately 46% of its operating income. Competition The company competes with Wal-Mart Stores, Inc.; Target Corporation; Hobby Lobby Stores, Inc.; Jo-Ann Stores, Inc.; and Moore Arts & Crafts, Inc. Trademarks and service marks The company owns or has rights to trademarks, service marks or trade names that it uses in connection with the operation of its business, including Aaron Brothers, Artistree, Michaels, Michaels the Arts and Crafts Store, Recollections, Where Creativity Happens, and the stylized Michaels logo. It has registered its primary private brands, including Artist's Loft, ArtMinds, Celebrate It, Creatology, Craft Smart, imagin8, Recollections, Loops & Threads, MiDesign@Michaels, Studio Decor, Bead Landing and Ashland, and various sub-brands associated with these primary marks. History The Michaels Companies, Inc. was founded in July 2013. The company was incorporated in Delaware in July 2013.
michaels cos inc/the (MIK:NASDAQ GS)
8000 Bent Branch Drive
Irving, TX 75063
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