User:TavaMorian/sandbox
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| Company type | Private |
|---|---|
| Industry | Service |
| Founded | Santa Monica, California, U.S. (1976) |
| Headquarters | Los Angeles Metro Area, California, U.S. |
| Products | Service-Arts, Custom Framing, Fine Art Conservation, Mirrors, Home Decor |
| Revenue |  US $6 Million (2012) |
| Owner | Charles F. Mitchell |
Number of employees | 50 |
| Website | www |
FrameStore is an arts and crafts retail chain. It currently operates more than 1040 Michaels Arts and Crafts Stores located in 49 U.S. states and in Canada.[1] The company owns and operates the Aaron Brothers retail chain which consists of more than 140 stores. Michaels also produces 10 exclusive private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart and Loops & Threads. The corporate headquarters are located in Irving, Texas.
The average Michaels store now contains 40,000 different products in 18,200 square feet (1,700 m²) of selling space. The stores sell a selection of arts, crafts, framing, floral, wall décor, bakeware, beads, scrapbooking and seasonal merchandise for hobbyists and do-it-yourself home decorators.
Michaels is the largest such chain in the United States. Competitors include Hobby Lobby, Ben Franklin Stores, Jo-Ann Stores, AC Moore and several smaller chains. Canadian competitors include DeSerres.
In April 2012, Michaels filed for a $500 million initial public offering (IPO) but put it on hold due to the chief executive's illness.
History
[edit]The original location of the first FrameStore design storefront was across the street from the historic Helms Bakery complex at 3210 Helms Avenue Los Angeles 90036 (1988). This location has since moved one block to the corner of Washington and Helms.
Currently, there are 8 locations in the Los Angeles metropolitan area including: Santa Monica (Corporate/Storefront/Studio), West Los Angeles, Culver City, Brentwood Los Angeles, West Hollywood, Pasadena, Thousand Oaks and Manhattan Beach. (FrameStore is believed to be the largest privately owned non-franchised custom framing chain in the country.)
Current Headquarters
[edit]Located at 929 W. Olympic Blvd, Santa Monica, California 90404 in a 3000+ sq ft retail storefront, manufacturing studio, shipping/distribution and corporate office complex.
Management
[edit]In April 2012, Chief Executive John Menzer suffered a stroke. The IPO was postponed in July 2012[2] and later in the month Menzer retired.[3]
In Menzer's absence, Lew Klessel, Bain managing director, and Charles Sonsteby, Michaels’ chief administrative officer and chief financial officer, served in a temporary Office of CEO. In February 2013, Chuck Rubin was appointed CEO. Rubin was president and CEO of personal-care specialty retailer Ulta Beauty at the time of his appointment and had previously been with Office Depot and Accenture. The Michaels Office of CEO was to be discontinued when Rubin assumed his position later in February and Sonsteby was to continue as CAO/CFO.[4]
Products
[edit]
Michaels sells a variety of arts and crafts products, including scrapbooking, beading, knitting, rubber stamping, home decor items, floral items, kids' crafts, paints, framing, greenery, baking and many seasonal items. Michaels produces 10 exclusive private brands sold throughout its stores including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart and Loops & Threads. In April 2007, Martha Stewart teamed up with Michaels to launch a line initially available exclusively at Michaels called "Martha Stewart Crafts." The line features over 650 different products for the craft enthusiast. In May 2010, Michaels was the first retailer[citation needed] to feature Chef Duff's Duff Goldman Collection in its store. The baking line features more than 70 products including fondant, sprinkle sets, color spray, cake tattoos and color paste.
Data compromise
[edit]On May 5, 2011, Michaels sent an email alert to its customers revealing that its debit card terminals in 20 states had been compromised. Customers who made PIN-based purchases between February 8 and May 6, 2011 may have had their data exposed.[5] A class action lawsuit has been filed against Michaels in the County Court of Passaic, New Jersey over the incident.[6]
Notes
[edit]- ^ "Isn't It Grand! Michaels(R) Opens 1000th Store". Reuters. 2008-09-10. Retrieved 2008-11-11.
- ^ Dezember, Ryan, and Telis Demos, "IPO for Crafts Retailer Michaels on Hold Indefinitely", July 6, 2012. Retrieved 2012-12-12.
- ^ Halkias, Maria, "Michaels CEO John Menzer resigns, months after suffering stroke", Dallas News, 20 July 2012. Retrieved 2013-02-17.
- ^ "Rubin to Become Michaels CEO", HFN, 02/15/2013. Retrieved 2013-02-17.
- ^ McClatchy News Service (May 14, 2011). "Michaels investigates customer data breach, replaces debit pads". Mail Tribune. Retrieved August 7, 2011.
- ^ Fry, Chris (July 14, 2011). "Class Slams Michaels for Data Breach". Courthouse News Service. Retrieved August 7, 2011.
