Is Michaels Private Equity Owned?
Michaels
Includes Michaels Stores
arts & crafts · Irving, TX
Apollo Global Management
2021
“Apollo loaded $4 billion in debt onto a craft store. The hot glue holding it together is drying fast.”
The PE Playbook
- •Apollo financed the $5B acquisition with ~$4B in new debt, turning a pandemic-era winner into another debt-fueled bet
- •Sales at existing stores fell 6.4% in 2023; financial analysts warned the company was deteriorating, citing weak demand and high freight costs
- •Closed distribution centers and shifted fulfillment to stores, laying off hundreds of warehouse workers
- •Had to borrow $326 million in a single quarter just to keep shelves stocked for the holidays — a sign the company can't fund basic operations
Since the Acquisition
- ▸Self-checkout kiosks replaced cashiers across 40% of stores — fewer employees available to help you find supplies or answer craft questions
- ▸Distribution center closures mean inconsistent in-store stock and longer waits on online orders — your local Michaels might just not have what you need
- ▸Stores are visibly understaffed and disorganized — the pandemic-era craft destination that thrived in 2020 feels like a ghost of itself
- ▸Average consumer rating of 1 star on major complaint platforms — reviews cite empty shelves, broken fixtures, and staff stretched too thin to help
Sources
Also owned by Apollo Global Management
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Frequently Asked Questions
Is Michaels owned by private equity?
Yes. Michaels is currently owned by Apollo Global Management, which acquired it in 2021. Apollo loaded $4 billion in debt onto a craft store. The hot glue holding it together is drying fast.
What happened to Michaels after the acquisition?
Self-checkout kiosks replaced cashiers across 40% of stores — fewer employees available to help you find supplies or answer craft questions Distribution center closures mean inconsistent in-store stock and longer waits on online orders — your local Michaels might just not have what you need
Who owns Michaels?
Michaels is owned by Apollo Global Management, which acquired it in 2021.