Michaels Stores CEO Chuck Rubin rang the opening bell on the NASDAQ exchange this morning to celebrate the start of trading of Michaels IPO on the exchange today.
Since the high-tech NASDAQ exchange does not have a physical trading floor, the exchange uses a location in New York’s Times Square for its bell ceremonies instead. Below, Michaels CEO Chuck Rubin (left) poses with NASDAQ CEO Robert Greifeld (right).
Rubin, in prepared remarks, had this to say about the significance of the day for Michaels Stores:
We are very proud to be here. Today is a very significant day in the history of Michaels. And it marks the beginning of what we believe will be an important next chapter in our company’s history. Through the tremendous effort of our entire team we are inspiring and enabling creativity by providing customers everyday with ideas, inspiration and tools to pursue their crafting interests.
He also paid tribute to the company’s customers:
I also want to thank our loyal customers who have regularly shopped, inspired, and collaborated with us on creative projects over the years. We know we have the best customers in the industry. They are passionate about the arts and crafts community, about creativity, and we eagerly look forward to sharing the Michaels experience with new craft enthusiasts as we expand our presence in both existing and new markets across the US and Canada in the coming months and years.
Another section of his remarks gave insight to the way the company sees its identity and mission:
Michaels is a leader in creativity, self-expression and personalization. We believe we offer the most complete and most differentiated arts and crafts experience for our do it yourself customers by providing them the destination for innovative merchandise, an exciting store experience and the crafting and store events to fulfill their creative needs.
Times Square was covered in Michaels advertising for the event, and the company is also hosting a crafting event there as well.
At press time, about 30 minutes into trading, Michaels stock is trading very close to the IPO price of $17/share. The company trades on the NASDAQ under symbol MIK.