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Tag Archives | Michaels Stores

Update | 7.11.2014 – Amy Tangerine, Sneak Peeks, and more!

Looking for work in the Los Angeles area? Amy Tan of the brand Amy Tangerine is looking for a “Creative Assistant” to work in her studio with her 10-15 hours per week. According to the job posting on Amy’s blog “Knowledge in graphic design, photography and wordpress is a must. A design aesthetic that goes along with the Amy Tangerine brand is a plus.” Also, the job requirements include having your own car, camera, and laptop.

To learn more about the position or to apply, visit the Amy Tangerine blog.

If you are interested in keeping up with the latest releases, don’t miss the Scrapbook Update Summer Sneak Peeks page! We’ve done several major updates to it this week! It’s full of all sorts of exciting upcoming new products for the second half of the year. Continue Reading →

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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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Michaels IPO Details Announced

Michaels Stores is finally moving ahead with its long-planned IPO, after the company filed paperwork this week with the U.S. Securities & Exchange Commission registering details of their intended stock offering.

The company has been privately held since being purchased by Bain Capital and the Blackstone Group in 2006. The two private equity firms have been working on a Michaels IPO since 2012, but it has been delayed multiple times by market conditions and the stroke of then-CEO John Menzer, which lead to a lengthy search for a replacement.

Michaels store Continue Reading →

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Project | Coupon Binder

Some of the best papercrafting projects are the ones where we can use the gorgeous products we love to make something that we use every day more beautiful.

I’m a huge couponer and my coupon stash is so enormous that it takes up a letter-sized binder that I tote with me every time I shop. Inside, my coupons are stored in Baseball Card Storage Pages, and I also have pocket dividers that hold my lists of coupons and sales for each of my favorite local stores.

My coupon binder system was outgrowing the 1 inch binder I had been using, so I decided recently that it was time to upgrade to a Heavy Duty 2 inch Binder by Avery. These binders have “view” covers that can be customized by dropping sheets of paper into clear pockets. It was a perfect project for my patterned paper stash!

Heidi Swapp Coupon Binder Continue Reading →

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