The Michaels Companies

Irving, Texas, and New York City — The Michaels Companies and private equity firm Apollo Global Management, Inc. have entered into a definitive merger agreement whereby investment funds managed by affiliates of Apollo have agreed to acquire Michaels. Upon completion of the $5 billion transaction, Michaels will become a privately held company and shares of MIK common stock will no longer be listed on any public market. Under the terms of the agreement, which has been unanimously approved by the Michaels board of directors, Apollo will commence a tender offer …

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Irving, Texas — The Michaels Companies, Inc., North America’s largest arts and crafts retail chain, recently transformed two existing hometown retail locations as part of a larger strategy to reimagine the optimal maker shopping experience. Customers in the North Texas suburbs of McKinney and Plano can expect an entirely new look and feel when they visit their local store. “At Michaels, we are here for the Maker and the launch of our new concept stores is another way we are creating a more immersive and impactful experience for them,” says …

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Irving, Texas — The Michaels Companies, Inc. has named Ashley Buchanan, an experienced retail executive from Walmart, as its new president and chief executive officer designate and appointed to the company’s board of directors, effective January 6, 2020. He will succeed Mark Cosby as CEO upon completion of a transition period ending April 1, 2020. Cosby will continue to serve as CEO until April 1 and will remain a member of the board of directors following the CEO transition. As part of the leadership transition, after more than 5 years …

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