BUS 401- Business Finance Final Project

Michael Stores is the nation’s largest retailer of arts and crafts material. Jim Dupey owned a group of Ben Franklin stores. Mr. Dupey son Michael Dupey converted on of the Ben Franklin stores into an arts and craft store that he called Michaels. The first Michael was located in Irving Texas, and that is in the Dallas area. In the 70’s the stores grow in the Texas area to 11 stores. In 1983 after ten years, the Dupey Enterprises sold Michaels to Peoples Restaurants, Inc., that the Wyly brothers owned. As part of the agreement Michael Dupey was able to keep two of the Dallas Michaels stores and could expand in the Dallas area with royalty-free rights. In 1984 People, Restaurants separated Michaels from Peoples Restaurant and made them a publicly traded corporate entity. On May 6, 1984 Michaels began trading stock on NASDAQ, but the Wyle’s brothers were the largest shareholders.