MICHAELS - THE ARTS & CRAFTS STORE

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About Us
In 1984, with only 16 Michaels stores located primarily in Texas, Michaels Stores, Inc. became a publicly held company. Shortly thereafter, we embarked on an aggressive national expansion program, and by 1995, through a series of new store openings and acquisitions, we had increased our holdings to over 500 stores, more than tripling our size to become the largest arts and crafts specialty retailer in North America.

Beginning in 1996, we focused on increasing the profitability of our existing stores by implementing a variety of operating initiatives, including installing point-of-sale systems chain-wide to record item-level sales, implementing standardized merchandise planograms to enhance merchandise presentation, eliminating non-core merchandise, reducing costs through centralization of functions, and strengthening the quality and dept of our management team.

Over the following few years, we strengthened our operations by improving our infrastructure. We invested heavily in point-of-sale, perpetual inventory, automated replenishment, distribution, seasonal allocation, human resource, financial, and labor management systems. These systems have significantly improved our ability to properly forecast, manage, and analyze our inventory levels, margins, and merchandise ordering quantities and have created efficiencies within our stores, distribution centers, and corporate office. We are seeing the benefits of these systems now with the potential for improvements in the future as we further refine the usage and integration among our systems.
On October 31, 2006, substantially all of the Common Stock of Michaels Stores, Inc. (formerly NYSE: MIK) was acquired through a merger transaction by affiliates of two private investment firms, Bain Capital Partners, LLC and The Blackstone Group (collectively, the “Sponsors”), with certain shares retained by affiliates of Highfields Capital Partners (a then-existing shareholder of Michaels Stores, Inc.). As a result of the Merger, Michaels Holdings, LLC, an entity controlled by the Sponsors, owns over 93% of our outstanding Common Stock, which is no longer publicly traded.

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