Michaels Stores
Michaels Stores

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Michaels Stores, Inc. is the world's largest specialty retailer of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of June 30, 2006, the Company owns and operates 900 Michaels stores in 48 states and Canada, 165 Aaron Brothers stores, 11 Recollections stores and four Star Wholesale operations.  Michaels Stores has had nine consecutive years of record financial performance, increasing its market capitalization from $310 million in 1996 to approximately $4.5 billion in 2006; as of January 28, 2006, the Company was debt-free and had over $450 million in cash and cash equivalents. The Company continues to transform itself into a sophisticated and centralized modern retailer, and has become the industry leader by pursuing an aggressive store opening, relocation and remodel program, creating an efficient and effective infrastructure and keeping a strong focus on ways to enhance its merchandise offerings.