Michael's

National retail chain of arts and crafts products.

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Headquarters:
8000 Bent Branch Dr.
Irving, TX 75063
Employees: 45,000
CEO: Carl Rubin
Privately held

Website: http://www.michaels.com

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Michaels Stores, Inc. 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.

The Company owns and operates 1,105 Michaels stores in 49 states and Canada, and 123 Aaron Brothers stores.

Aaron Brothers stores are located in Arizona, California, Colorado, Georgia, Idaho, Maryland, Nevada, Oregon, Texas, Virginia, and Washington. Aaron Brothers is a wholly owned subsidiary of Michaels Stores, Inc. that offers photo frames, a full line of ready-made frames, custom framing services, and a wide selection of art supplies. Each store averages 5,500 square feet of selling space and carries approximately 5,700 items.

Artistree is the company's vertically integrated frame and moulding manufacturing operation with facilities in City of Industry, CA, Coppell, TX, and Kernersville, NC. Combined, these facilities occupy approximately 476,000 square feet.

The company was acquired by private equity firms Bain Capital and Blackstone Group in 2006 for $6 billion.

Michaels reported sales of $4.4 billion in fiscal 2012, a 4.7% increase. Net income was $214 million.

The Company opened 38, closed three, and relocated 13 Michaels stores and closed eight Aaron Brothers stores during fiscal 2012.

History

The company first originated as Dupey Enterprises in 1962. In 1973, Dupey converts a Ben Franklin store into the first Michaels arts and craft store.

In 1984, with only 16 Michaels stores located primarily in Texas, Michaels Stores, Inc. became a publicly held company. Shortly thereafter, the company embarked on an aggressive national expansion program, and by 1995, through a series of new store openings and acquisitions, the company had over 500 stores, more than tripling its size to become the largest arts and crafts specialty retailer in North America.

Benefits

The following is an overview of the wide variety of benefits Michaels offers U.S. associates. Canadian associates have a separate program.

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 December 5, 2013