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Good News for Two Peas In A Bucket Customers

Two new announcements will make the closure of Two Peas In A Bucket a bit easier on the site’s legions of fans.

On June 10th, Two Peas quietly opened an Etsy store carrying their signature flair and wood items. The store currently has 176 flairs and nearly 100 wood items listed for sale. This is great news for fans of the company’s edgy, graphic style. (Note to self: Definitely must order this flair badge for scrapping my 10 hour flight home from Germany in January while deathly ill with the flu.)

For those wishing to preserve their content from the Two Peas gallery, there is even better news: Scrapbook.com has created an automated tool to import your Two Peas gallery into a Scrapbook.com account! The tool preserves publication dates, title and description of the post, as well as importing the image.

To use the Scrapbook.com importer, click this link after first logging in to your Scrapbook.com account. You’ll need to know your Pea Number from your Two Peas account to make it work.

For those waiting to place orders at Two Peas hoping for heavier discounting as the sale progresses, you may be out of luck. The site’s virtual shelves appear almost bare in most brands, although there is still some stock in the American Crafts family of brands due to the large proportion of inventory of the company’s products the store was carrying before the closure announcement.

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Hobby Lobby wins Supreme Court Case Challenging ACA Mandate

The Supreme Court announced this morning that Hobby Lobby has won its case challenging the Affordable Care Act’s mandate that requires companies to provide free contraceptives as part of their healthcare plan. The case was decided by a 5-4 majority with a decision authored by conservative Justice Samuel Alito.

In the opinion, the court granted “closely held companies” the right to the same accommodations that the government gives nonprofit organizations with religious objections to contraceptives. The narrowly-written opinion specified that it only applied to the contraceptive mandate and should not be construed to allow the withholding of coverage for other medical services or to allow discrimination on religious grounds.

The court indicated that the government should take on the responsibility of providing the coverage for the contraceptives that are objected to so that there is no coverage gap for employees.

How did Hobby Lobby end up suing the government?

It’s not often that a crafts industry company not only makes national news, but makes national law. How did we get to this day? Continue Reading →

Michaels IPO Closes Barely Up On Opening Day

After what can only be described as an unimpressive performance on its first day of trading on the NASDAQ, Michaels Companies (MIK) stock ended the day at $17.02, two cents above the price the IPO started at this morning.

After a brief initial dip that took the stock as low as $16.655 in the first half hour it was trading, it began a slow steady climb that took it to a high of $17.25 shortly before 1pm. The rest of the afternoon was a slow slide back to pennies above the initial offering price, where it hovered for most of the last hour of trading before closing at $17.02 for the day. Volume has been light in the first hour of after hours trading, with the price bouncing between $17.01 and $17.05 before settling again at $17.02.

A comparison to Thursday’s IPO by wearable camera manufacturer GoPro puts the Michaels IPO in perspective. GoPro (GPRO) launched on the NASDAQ yesterday morning at a price of $24/share. It closed its first day at $31.34, and by market close today, was trading for $35.76.

The Michaels IPO has not been met with optimism by most financial industry commentators. Jeff Macke, who is the host of Breakout for Yahoo Finance, seemed to sum up the sentiment of Wall Street when discussing the stock on Breakout’s “Hot Stock Minute” segment today, saying “This is not a growth story.” Macke acknowledged the company’s position as an industry leader, but added that he felt the company would be better off remaining private.

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Michaels CEO Rings NASDAQ Opening Bell for Michaels IPO

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).

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Michaels IPO Offering Price Announced

Late Thursday evening, Michaels Companies announced that the initial offering price of the company’s IPO on Friday, June 27th will be $17/share.

The price for the Michaels IPO is on the low end of the predicted range of $17-$19 per share that was indicated for the offering in previous SEC filings. Media analysts have been indicating lukewarm interest in the offering from investors due to concerns about the company’s heavy debt load – over $3 billion – and reliance on a single product – the Rainbow Loom – for recent growth.

The stock will list on the NASDAQ exchange Friday under the symbol MIK. With $27.9 million shares being sold, the company will have an approximate market value of $3.45 billion, raising about $470 million in the IPO.

Post-IPO, private equity firms Bain Capital and the Blackstone Group will continue to own over 80% of the company. Michaels Companies also filed nearly two dozen SEC statements this evening recording insider ownership of company stock by the company’s executives. CEO Chuck Rubin (whose legal name is Carl), was reported as owning 315,353 shares of the company, with an option to purchase a total of nearly 1.85 million more at a price of $13.86 at various points over the next 7 years. This makes Rubin (unsurprisingly) the largest stockholder among company executives, but his holding pales in comparison to the holdings of Bain Capital and Blackstone, totaling roughly 80 million shares each.

Both the market and the crafts industry will be watching with interest to see what happens to the stock over the course of the day tomorrow. Opening price isn’t as critical to an IPO’s perceived success as closing price on the first day. The much-vaunted Facebook IPO was deemed a disaster after the stock tanked in the hours immediately after its offering on the first day. It has since recovered, but the ghost of the “Facebook IPO disaster” still haunts IPO offers.

Scrapbook Update will be watching the market closely over the course of the day and will issue updates on the website and on Twitter and Facebook as warranted.

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Breaking: Two Peas In A Bucket Closing Down

2 Peas Logo

Earlier this afternoon, online retailer Two Peas in a Bucket announced that they are closing down effective July 10th.

All sales on the site are final effective immediately. Gift certificates may only be redeemed through July 4th, 2014 11:59:59 p.m. CST. Returns and price adjustments are no longer being accepted.

Access to classes, workshops, bookmarks and gallery items will cease when Two Peas closes for good on July 10th. Peamail will also be available through that date. Access to posting on the company’s message boards has already closed, although they seem to be available for viewing.

At the same time as the company announced the closure of its operations, it also announced the immediate closure of its affiliate program. The company was a pioneer in affiliate marketing in the scrapbooking industry, which is now a widespread practice.

Wisconsin-based Two Peas In A Bucket was formed in 1999 by Jeffrey and Kristina White. The Whites were a continuous presence at Two Peas, although it changed hands several times while under their leadership. In May 2006, the Whites sold the company to Canadian media company Kaboose, Inc. for a reported $600,000 in cash plus additional considerations. A little over two years later, in Sept. 2008, Kaboose sold Two Peas to Leisure Arts (terms not disclosed). In 2012, the company returned to the apparent ownership of the Whites through a Delaware-based LLC called It’s Like This LLC.

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