It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators.

The company also develops over a dozen private brands sold in Michaels stores, including Recollections, Studio Décor, Bead Landing, Creatology, and Ashland.

[4][5] In 1982, Dallas businessman Sam Wyly bought a controlling interest in the company, which by then had 11 outlets with annual revenues around $10 million.

[15] In February 2011, Michaels and Aaron Brothers stores suffered a data compromise that affected their debit card terminals in 20 states.

[16] A class action lawsuit was filed against Michaels in the County Court of Passaic, New Jersey over the incident.

[18] Reuters further reported that Michaels posted earnings before interest, income taxes, depreciation, and amortization of $661 million in 2011 and had total debt of $3.5 billion as of January 28, 2012.

Rubin was president and CEO of personal-care specialty retailer Ulta Beauty at the time of his appointment and had previously been with Office Depot and Accenture.

Later that year, Michaels introduced a new store concept at two locations in Texas, which features a new open layout built around "inspiration hubs", new "maker space" areas for instruction, and self-service pickup lockers for online orders.

[31] Michaels produces a number of private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart, Loops & Threads, Make Market, Foamies, LockerLookz, Imagin8, and Sticky Sticks.