With only 16 Michaels locations, the majority of which were in Texas, Michaels Stores, Inc. went public in 1984. Soon after, we started an aggressive national development campaign, and by 1995, we had more than tripled our size to become the largest arts and crafts specialty retailer in North America. This was accomplished through a combination of new store openings and acquisitions. Since 1996, we have concentrated on improving the profitability of our current stores by putting in place a number of operational initiatives, such as installing point-of-sale systems chain-wide to track item-level sales, standardizing merchandise planograms to improve merchandise presentation, getting rid of non-core products, cutting costs through the centralization of functions, and improving the caliber and depth of our management team.With only 16 Michaels locations, the majority of which were in Texas, Michaels Stores, Inc. went public in 1984. Soon after, we started an aggressive national development campaign, and by 1995, we had more than tripled our size to become the largest arts and crafts specialty retailer in North America. This was accomplished through a combination of new store openings and acquisitions. Since 1996, we have concentrated on improving the profitability of our current stores by putting in place a number of operational initiatives, such as installing point-of-sale systems chain-wide to track item-level sales, standardizing merchandise planograms to improve merchandise presentation, getting rid of non-core products, cutting costs through the centralization of functions, and improving the caliber and depth of our management team.Affiliates of two private investment firms, Bain Capital Partners, LLC and The Blackstone Group (collectively, the "Sponsors"), acquired nearly all of Michaels Stores, Inc.'s common stock through a merger transaction on October 31, 2006, with some shares being retained by affiliates of Highfields Capital Partners (a then-existing shareholder of Michaels Stores, Inc.). Michaels Holdings, LLC, a company controlled by the Sponsors as a result of the Merger, now owns more than 93 percent of our outstanding Common Stock, which is no longer traded publicly.

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