Michaels
National chain of
stores selling arts and crafts.
Headquarters:
8000 Bent Branch Dr.
Irving, TX 75063
Employees: 10,000+
CEO: Brian Cornell
Privately held
Website:
http://www.michaels.com
Career Site
Michaels Stores is North America's largest
specialty retailer of arts, crafts, framing, floral, wall décor,
and seasonal merchandise for the hobbyist and do-it-yourself
home decorator. As of May 30, 2007, the Company owns and operates
930 Michaels stores in 48 states and Canada, 168 Aaron Brothers
stores, 11 Recollections stores, and four Star Wholesale operations.
Each Michaels store carries more than 40,000
products in an average selling space of 18,400 square feet. Stores
offer a wide range of products in the following 13 categories:
apparel arts, bakeware, beads/jewelry making, fine art, floral,
framing, general crafts, kids crafts, home décor, paper
crafts, seasonal, wedding, and yarn and needle crafts.
Key Subsidiaries
Aaron Brothers, with 166 stores in 11 states, offers an extensive
assortment of ready-made frames and mats, quality art supplies
and custom framing services.
Recollections has 11 stores in four states
and offers merchandise and accessories for paper crafting and
scrapbooking as well as an extensive classroom program.
Star Decorators Wholesale stores
located in Arizona, California, Georgia and Texas - offer merchandise
primarily for interior designers, decorators, wedding/event planners,
florists, hotels, restaurants and commercial display companies.
Artistree is a manufacturing operation
with facilities in City of Industry, Calif., Coppell, Texas,
and Kernersville, N.C. Artistree supplies Michaels and Aaron
Brothers with unique custom frames.
The company is privately held after being
acquired by two private equity firms last year.
History
Since 1973, Michaels has been providing
inspiration and education to customers of all ages. With excellent
customer service, a broad product assortment, in-store events
and classrooms, the company offers a shopping experience that
inspires customers to pursue their creative goals.
In 1984, with 16 stores located primarily
in Texas, Michaels became a publicly-held company. The company
then embarked on an aggressive national expansion program through
a series of new store openings and acquisitions. By 1995, it
had increased its holdings to over 500 stores. The company strengthened
its operations in following years by improving infrastructure
and heavily investing in inventory, point-of-sale, human resources,
financial and labor management systems.
In 2006, Bain Capital Partners and The
Blackstone Group two private equity firms acquired
Michaels. As a result of the merger transaction, the common stock
(formerly NYSE: MIK) is no longer publicly traded.
Benefits
Associate Discount
All Michaels associates are awarded a 25% discount card with
restrictions on all non-sale merchandise items at Michaels and
Aaron Brothers retail stores.
401(K) Program
Our 401(k) Plan is available to
associates who work 500 hours in their 1st 6 months of active
employment. Participation is available on a pre-tax and after-tax
basis, within IRS limits. The company will match 50% of the first
6% of the associate's pre-tax contributions. Associates may contribute
up to 15% of their annual salary.
Medical Insurance
Associates may elect to participate
in the company's Group Medical Plan after meeting the eligibility
waiting period (either 90 or 180 days of full-time active employment,
depending on employment classification). Michaels offers comprehensive
health coverage at affordable rates.
To accommodate new associates during their
first days of employment, an affordable bridge insurance plan
is offered from the associate's start date to the date of eligibility
for group medical insurance.
Dental Insurance
Dental coverage is offered independent
of medical coverage. Full-time associates and their dependents
may use the dentist of their choice and the plan includes a dental
check-up twice a year.
Vision
A discounted Vision plan is offered independent of medical
coverage.
Basic Life and Accidental Death and Dismemberment (AD&D)
Michaels provides Basic Life and Accidental Death and Dismemberment
(AD&D) insurance benefits at no cost to all eligible full-time
associates enrolled in the medical and/or dental plan. Basic
Associate Life coverage will be provided in the amount of two
times the associate's basic annual earnings to a maximum designated
dollar amount. AD&D coverage will be paid in the amount of
your basic Associate Life Coverage.
Optional Life Insurance
Associates may elect additional
life insurance for themselves in designated increments, up to
$700,000 or five times their annual salary, whichever amount
is less. Associates also have the option or electing additional
life insurance for their dependents.
Long Term Disability
Depending on employment classification, Long Term Disability
is provided to Michaels associates offering protection by paying
a portion of the associates income while disabled. The amount
received is dependent on the amount earned before the disability.
Short Term Disability
Associates are eligible to enroll for Short Term Disability
insurance after meeting their eligibility waiting period. Short
Term Disability benefits begin after an elimination period for
absences from work due to a non-occupational illness or accidental
injury. STD benefits replace a portion of an associate's weekly
rate of basic earnings, to a maximum weekly benefit determined
by employment classification.
Time Away From Work
- Vacation - Depending on employment
classifications, associates are able to accrue time off for vacation.
Generally, team members begin to earn vacation hours on their
date of hire.
- Personal Holidays - Associates are granted floating
personal holidays each year based upon the associate's date of
hire in addition to accrued vacation time.
- National Holidays - Associates are eligible for paid
national holidays.
- Sick Time - Paid sick time is accrued after 90 days
of service. Unused sick time is carried over and will accumulate
to a maximum of 30 days.
- Bereavement Pay - Associates are granted up to three
days paid leave while attending the funeral of an immediate family
member.
- Jury Duty Pay - While serving on a jury, associates
will be paid their regular salary.
- Military Leave - A Military Leave of Absence is available
for military or reserve duty.
Other Great Benefits and Discounts
- Flexible Spending Accounts -
Medical and Dependent Day Care flexible spending accounts are
available. This benefit allows associates to set aside money
on a pre-tax basis to cover medical and childcare expenses.
- Employee Assistance Program (EAP) - All associates are
able to get help with psychological, stress, financial and emotional
issues through a toll free number.
- Employee Referral Program - Michaels associates are
encouraged to refer candidates for career opportunities. In the
event that a referral is hired within the specified guidelines,
the Michaels referee will receive a monetary award.
- Credit Union - Associates and their immediate family
members are eligible to participate in the Corporate America
Family Credit Union.
- Direct Deposit - Associates are eligible to participate
in the direct deposit of your payroll to the financial institution
of their choice for their convenience.
Updated July 23, 2007
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