The Michaels Companies, Inc., together with its subsidiaries, operates as an arts and crafts specialty retailer in North America providing materials, project ideas, and education for creative activities. As of January 31, 2015, the company operated 1,168 Michaels retail stores in 49 states, as well as in Canada, with approximately 18,000 average square feet of selling space per store. The company also operated 120 Aaron Brothers stores in 9 states, with approximately 5,400 average square feet of selling space per store, offering photo frames, a line of ready-made frames, custom framing services and a selection of art supplies. Merchandising Michaels: Each Michaels store offers approximately 35,000 basic stock-keeping units in various product categories. The company has partnerships with popular celebrities and brands, such as Wilton, Cake Boss, Crayola, Martha Stewart Crafts, Isaac Mizrahi and Rainbow Loom. In 2014, the company launched its e-commerce platform to complement its existing Web and mobile platforms. Aaron Brothers: Each Aaron Brothers store offers approximately 7,000 stock-keeping units, including photo frames, a line of ready-made frames, art prints, framed art, art supplies and custom framing services. The merchandising strategy for the company’s Aaron Brothers stores is to provide an upscale framing assortment. Artistree The company owns and operates a vertically integrated framing operation, leveraging Artistree, the company’s 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, to supply the company’s stores with merchandise. Seasonality The company’s business is highly seasonal, with higher sales in the third and fourth fiscal quarters (year ended January 2015). The company’s fourth quarter, which includes the Christmas selling season, has on average accounted for approximately 34% of its net sales and approximately 46% of its operating income. Trademarks and Service Marks The company owns or has rights to trademarks, service marks, or trade names that the company 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. The company has registered its primary private brands, including Artist’s Loft, ArtMinds, Celebrate It, Creatology, Craft Smart, imagin8, Recollections, Loops & Threads, Studio Décor, Bead Landing, Make Market and Ashland and various sub-brands associated with these primary marks. Competition The company competes with Wal-Mart Stores, Inc.; Target Corporation; Hobby Lobby Stores, Inc.; Jo-Ann Stores, Inc.; and A.C. Moore Arts & Crafts, Inc. History The Michaels Companies, Inc. was founded in 2013. The company was incorporated in Delaware in 2013.
michaels cos inc/the (MIK:NASDAQ GS)
8000 Bent Branch Drive
Irving, TX 75063
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