MIK - MIK STOCK NEWS

Michaels has launched a new credit card offering 9% Rewards every day for customers. This program targets artists, makers, and other creatives, enhancing loyalty with exclusive perks, including 20% savings on the first purchase, periodic free shipping, and special financing options. The Michaels Credit Card expands the existing Michaels Rewards Program, enabling customers to triple their rewards compared to non-cardholders. The card is issued by Comenity Capital Bank, aiming to provide more value to customers shopping for arts and crafts supplies. For more details or to apply, visit www.michaels.com/creditcard.

The Michaels Companies is partnering with Project Sunshine to deliver over 30,000 Under the Sea Craft Kits to pediatric patients in hospitals across the U.S. and Canada. This initiative aims to provide joy and therapeutic engagement for children during long-term hospital stays. The partnership began with a donation of $120,000 raised by Michaels' team members and customers. The first rollout will occur at Children’s Health in Dallas, Texas, starting December 2021, with continued efforts planned for the following year.

The Michaels Companies plans to hire over 20,000 seasonal employees across its U.S. and Canadian stores for the upcoming holiday season. Hiring events will occur on August 28 in the U.S. and September 18 in Canada, from 12 to 4 p.m. local time. The seasonal roles offer competitive wages, flexible hours, and a 30% employee discount. Last year, more than 50% of seasonal hires transitioned to permanent positions. The company operates over 1,270 stores and aims to enhance customer experiences during the holidays.

B. Riley Financial (RILY) will join the S&P SmallCap 600 index effective April 15, 2021. This comes as The Michaels Companies (MIK) is set to be acquired by Apollo Global Management, leading to its removal from the index. The changes will take effect prior to the market opening on the specified date. This realignment reflects ongoing adjustments in the marketplace and could present new investment opportunities for shareholders of B. Riley Financial.

Michaels, North America's top arts and crafts retailer, launched a pilot program with Instacart to deliver products from nearly 100 stores in Chicago, Dallas, and Washington D.C. This initiative allows customers to receive arts and crafts supplies like canvases and yarn within an hour. Following the pilot, the service is set to expand to all Michaels stores across the U.S. The partnership is aimed at enhancing convenience and accessibility for customers during the upcoming spring holidays and summer break.

The Michaels Companies, Inc. (NASDAQ: MIK) reported strong financial results for Q4 and FY2020, ending January 30, 2021. Net sales for Q4 reached $1.9168 billion, a 11.3% increase from the prior year, while full-year sales totaled $5.2711 billion. Comparable store sales increased by 12.9% in Q4. Operating income also rose to $342 million for Q4 and $533.5 million for the entire year. Net income was $255.1 million for Q4, leading to a diluted EPS of $1.72. The company is poised for further developments as it has agreed to be acquired by Apollo Global Management.

The Michaels Companies (NASDAQ: MIK) has announced a definitive merger agreement with funds managed by Apollo Global Management, valuing Michaels at approximately $3.3 billion. Apollo will offer $22.00 per share in cash, a 47% premium over its stock price before acquisition speculation. This deal, unanimously approved by Michaels' Board, aims to enhance the company's growth and operational flexibility as a private entity. The transaction remains subject to customary closing conditions and is expected to complete in the first half of Michaels' fiscal year.

The Michaels Companies, Inc. (NASDAQ: MIK) plans to report its fourth quarter and fiscal year 2020 results on March 4, 2021, before U.S. market openings. A conference call will be held at 8:00 a.m. CT on the same day to discuss financial and operational results. Investors can pre-register for the call via a provided link or dial in directly. The call will also be available as a webcast, which will be accessible for nine months after the event. The company operates over 1,275 stores across North America and offers digital shopping options.

The Michaels Companies (NASDAQ: MIK) released its top arts and crafts trends for 2020, analyzing sales data amid the pandemic. Consumers engaged in various creative activities, with notable increases in the sales of vinyl cutting machines and resin products. The top trends included jewelry making, technological crafting tools, kids' arts and education, yarn projects, and fine art. To further support creativity, Michaels launched the 'Difference Makers' initiative, encouraging community contributions through creativity. The report highlights the evolving interests of consumers during a challenging year.