Tag Archives | Michaels Stores

Michaels IPO Moves Closer to Fruition

Michaels thumbnailMichaels Stores, in a filing with the SEC today, moved a major step closer to completing its long-awaited IPO.

In the amendment to its new IPO registration that was filed in December 2013, the company revealed two major new components of its IPO plans. The amended Michaels IPO filing indicates that the NASDAQ will be the market for the Michaels stock issue, and that the company has been issued code MIK by the exchange. No date or initial offering price has been set for the IPO.

The company is planning an IPO of approximately $500 million in common stock.  This will allow current private equity owners Bain Capital and Blackstone Group to cash out of their investment in the company, which they’ve held since 2006. The equity companies have been trying to cash out of their Michaels investment with an IPO since March 2012; however, their IPO plans have been repeatedly set back by a series of problems for the company. Michaels was once again beset by woes in 2014 when it was confirmed that the company was the victim of a sophisticated cyber attack that breached the security of credit card data. The company has made some positive strides, however – most recently with the launching of their online store. Continue Reading →


Michaels Credit Card Data Breach Confirmed

Michaels thumbnailMichaels Stores confirmed yesterday that 2.6 million customer credit cards (approximately 7% of cards used during the affected period) were compromised in a credit card data breach that extended from May 2013 until January 2014. Another 400,000 cards were compromised at Aaron Brothers, a Michaels Stores subsidiary.

The company had warned of a possible data breach in late January, and indicated at that time it was working with the U.S. Secret Service to investigate what it called “a pattern of fraud activity” on credit cards that had links to Michaels Stores.

The Michaels credit card data breach affected point-of-sale systems at a limited number of Michaels Stores between May 8th, 2013 and January 27th, 2014. Not all locations were affected for the entire window. My local store in Palm Coast, Florida, for example, is listed as only being affected from May 8th-July 29th, 2013. The list of affected Michaels Stores, and the dates the individual stores were affected, can be viewed on their website. Continue Reading →


Secret Service Investigating Possible Michaels Card Data Breach

Michaels Stores has announced that it is investigating a possible breach of customer credit card data.

“We are concerned there may have been a data security attack on Michaels that may have affected our customers’ payment card information and we are taking aggressive action to determine the nature and scope of the issue,” said Chuck Rubin, CEO of Michaels Stores. “While we have not confirmed a compromise to our systems, we believe it is in the best interest of our customers to alert them to this potential issue so they can take steps to protect themselves, for example, by reviewing their payment card account statements for unauthorized charges.”

According to security blog KrebsOnSecurity, which broke the news of the recent Target security breach, Michaels is working with the Secret Service to to investigate a pattern of fraudulent card charges on cards that trace back to Michaels as a common point of use. Continue Reading →


Michaels Stores Names Ulta Salons’ Chuck Rubin As New CEO

Michaels Stores has announced that they are naming Chuck Rubin as their new Chief Executive Officer and a member of the Board of Directors. The company has been operating under an interim Office of the Chief Executive Officer since the departure of previous CEO John Menzer on medical leave in mid-April 2012.

Chuck Rubin is resigning the post of CEO and Board Member of Ulta Beauty, where he’s been since 2010, effective February 21st to take the post at Michaels Stores. Before joining Ulta, Rubin was at Office Depot for six years. From 2007 to 2010, Rubin was also a member of the executive committee of the National Retail Federation. Continue Reading →


Special 6×6 My Mind’s Eye Paper Pads At Michael’s

My Mind’s Eye is getting a lot of mileage out of some of their old collections with the help of Michael’s Stores!

Melissa Stinson wrote last week about finding the 2011 collection Stella and Rose being produced under Michael’s Recollections brand as a 12×12 paper pad. On my own trip to Michael’s on Friday, I didn’t find the Stella and Rose pad, but I found something else from My Mind’s Eye:

My Mind's Eye paper pads Continue Reading →


John Menzer Resigns as Michaels CEO

Michaels Stores, Inc. announced Friday (July 20th) that CEO John Menzer has resigned to focus on his medical rehabilitation.

Menzer had been on medical leave from Michaels since he suffered a stroke in mid-April. The company has been being run since then by an Office of the CEO comprised of Lew Klessel, Interim Chief Operating Officer for the Company and Managing Director of Bain Capital, and Chuck Sonsteby, Chief Administrative Officer and Chief Financial Officer.

The company has announced that it will conduct a search for a replacement for Menzer, and the Office of the CEO will continue to run the company in the interim until a replacement is found. Continue Reading →