Who Owns Michaels?

Michael J. Dupey founded Michaels in 1973 in Dallas, Texas, converting a struggling five-and-dime store into a specialty retailer focused on arts and crafts. The concept worked in a niche general retailers had ignored, and the chain expanded steadily through Texas before going national.

Michaels went public in 1984 and grew through acquisitions including Leewards and Aaron Brothers, while developing the private-label strategy, brands like Artist's Loft, Loops & Threads, and Ashland, that became central to its margins. By the 1990s it was the largest crafts chain in the country.

Bain Capital and Blackstone took Michaels private in a 2006 leveraged buyout, holding it through years of debt management before relisting it on the NYSE in 2014 under ticker MIK. That second public run ended in April 2021 when Apollo Global Management bought the company for about $5 billion amid pandemic-era strength in craft demand.

Under Apollo, Michaels invested in omnichannel fulfillment, launched the MakerPlace online marketplace for handmade goods, and expanded private labels. The decisive moment came in 2025 when JOANN, its largest competitor, filed its second bankruptcy and closed all stores. In June 2025, Michaels acquired JOANN's intellectual property and private-label brands including Big Twist, and added more than 600 fabric, sewing, and yarn products to absorb displaced customers. By November 2026, JOANN.com redirects to a Michaels landing page welcoming former customers.