Is Michaels a Canadian Company?
Michaels, a renowned arts and crafts retailer, has become a household name across North America. With its vibrant stores filled with a wide array of supplies for artists, hobbyists, and DIY enthusiasts, it is natural to wonder if Michaels is a Canadian company. In this article, we will delve into the origins and corporate structure of Michaels to determine its nationality.
Michaels, founded in 1980 by Michael J. Duetsch and Martin E. Silverman, started as a small store in Dallas, Texas. The company has since grown exponentially, expanding its presence across the United States and Canada. While the roots of Michaels are in the United States, it is important to note that the company operates in both countries, making it a significant player in the arts and crafts industry.
To understand whether Michaels is a Canadian company, it is crucial to look at its corporate structure. Michaels Corporation, the parent company, is indeed a publicly traded American company. Its headquarters are located in Irving, Texas, and it is listed on the New York Stock Exchange under the ticker symbol MIK. This indicates that Michaels is an American corporation.
However, the presence of Michaels in Canada is not just a mere extension of its American operations. In Canada, Michaels operates as a separate legal entity known as Michaels Canada Inc. This entity operates under the same brand name and offers the same products and services as its American counterpart. The Canadian arm of the company is responsible for managing the stores, distribution centers, and customer service in Canada.
One of the reasons Michaels chose to establish a separate entity in Canada is to cater to the unique needs and preferences of Canadian customers. This includes offering a selection of products that are specifically designed for the Canadian market, as well as adapting to the local regulations and tax requirements.
In conclusion, while Michaels Corporation is an American company, its presence in Canada is significant and distinct. By operating as a separate entity in Canada, Michaels has successfully catered to the needs of Canadian customers while maintaining its American heritage. So, while Michaels is not a Canadian company in its corporate structure, it is an essential part of the Canadian arts and crafts industry.
