I also heard that they might be closing some stores due to economic times..It probably will be the smaller stores in smaller markets who make less profit.
false.
even Wall St. Journal has nothing on this as of this afternoon.
and according to their most recent quarterly report:
http://idea.sec.gov/Archives/edgar/data/740670/000110465909036959/a09-14823_110q.htm
they are in the black (tho' they took a bath in red ink last year)
Thanks Doug...Good to know....I like Michael's for more than cake decorating stuff!!
Doug is actually an alias that several geniuses are posting under so they can appear to be one superhuman! 
Doug- why doesn't it surprise me that you HAVE a spandex suit? 
My husband works at the local Michael's here in Western NC and he hasn't heard anything so I think all is safe for now. At least I hope so!
I asked at work today and got a hearty laugh and head shakes out of our SM and ASM.
They told me to stop believing everything I hear on the internet.
I laughed back and said if I believed it I'd be in there crying over it and being a dooms day predictor asking the store would be shutting it's doors for good and asking for the property managers phone number so I could open up a cake supply store in the same location and instead I asked if the rumor was true.
They sobered up and said they had not heard of anything and if it was true it would be all over the news since Michael's is a large chain in the US/Canada... they had a point.
Yes is going through a struggle. It was explained to me it was more of a forced bankruptcy reorg, and from what I've heard it's not in trouble yet, it's more of it's large creditors insuring they will be the first in line to get paid if indeed things go wrong financially so the bankruptcy reorg is forced on Wilton. (not sure where the truth about forced/unforced and I don't care and as long as I get to continue teaching classes I'm happy.)
"About Wilton Brands Inc.
Wilton Brands Inc., based in Woodridge, Illinois, has united multiple creative consumer products companies to produce a market leader with a strategic focus on product innovation and quality. Wiltons product portfolio includes food crafting, scrapbooking, and other craft products. Wilton has the number one position in cake decorating, bakeware and tea kettles. It offers the industry´s most comprehensive and innovative selection of baking, cake decorating, candy making, cookie making, wedding and seasonal products. In addition, the company is the leader in scrapbooking as well as a marketer of some of the craft industrys most respected brands of embellishments, stickers, and punches through the EK Success and K & Company product lines. The company also launched the Martha Stewart Crafts line in May 2007. More information can be found at www.wilton.com."
Wilton and scrapbooking???
I asked at work today and got a hearty laugh and head shakes out of our SM and ASM.
They told me to stop believing everything I hear on the internet.
I laughed back and said if I believed it I'd be in there crying over it and being a dooms day predictor asking the store would be shutting it's doors for good and asking for the property managers phone number so I could open up a cake supply store in the same location and instead I asked if the rumor was true.
They sobered up and said they had not heard of anything and if it was true it would be all over the news since Michael's is a large chain in the US/Canada... they had a point.
Yes is going through a struggle. It was explained to me it was more of a forced bankruptcy reorg, and from what I've heard it's not in trouble yet, it's more of it's large creditors insuring they will be the first in line to get paid if indeed things go wrong financially so the bankruptcy reorg is forced on Wilton. (not sure where the truth about forced/unforced and I don't care and as long as I get to continue teaching classes I'm happy.)
i didn't hear this on the web, but on t.v. 
Wilton and scrapbooking???
When we were in Michaels last week, DH was getting their t-shirts and a package of iron-on printer transfers...He looked puzzled and pointed to a row of the iron-ons. We were shocked to see they were made by Wilton. I also thought they just had products cakes, cookies, brownies and some wedding items. It seems they are dabbling in other craft areas, too.
I asked at work today and got a hearty laugh and head shakes out of our SM and ASM.
They told me to stop believing everything I hear on the internet.
I laughed back and said if I believed it I'd be in there crying over it and being a dooms day predictor asking the store would be shutting it's doors for good and asking for the property managers phone number so I could open up a cake supply store in the same location and instead I asked if the rumor was true.
They sobered up and said they had not heard of anything and if it was true it would be all over the news since Michael's is a large chain in the US/Canada... they had a point.
Yes is going through a struggle. It was explained to me it was more of a forced bankruptcy reorg, and from what I've heard it's not in trouble yet, it's more of it's large creditors insuring they will be the first in line to get paid if indeed things go wrong financially so the bankruptcy reorg is forced on Wilton. (not sure where the truth about forced/unforced and I don't care and as long as I get to continue teaching classes I'm happy.)
i didn't hear this on the web, but on t.v.
Yeah but they asked where I found out and I said "from someone on the internet" They asked where they heard it and let them know I didn't ask.
Was it a local station or major network (CNN type)?
I'd love to see what you saw and see what they had to say.
Michaels Corporate is one of my customers (store fixtures). Just last week I shipped a proto of a new receptacle. They are opening/relocating 30 stores in 2010. They are owned by two huge investment groups and plan to go public in the next 12-18 months. They are a financially sound company and though sales are down due to the recession, they are doing well. They are not going anywhere.
Michaels Corporate is one of my customers (store fixtures). Just last week I shipped a proto of a new receptacle. They are opening/relocating 30 stores in 2010. They are owned by two huge investment groups and plan to go public in the next 12-18 months. They are a financially sound company and though sales are down due to the recession, they are doing well. They are not going anywhere.
I asked at work today and got a hearty laugh and head shakes out of our SM and ASM.
They told me to stop believing everything I hear on the internet.
I laughed back and said if I believed it I'd be in there crying over it and being a dooms day predictor asking the store would be shutting it's doors for good and asking for the property managers phone number so I could open up a cake supply store in the same location and instead I asked if the rumor was true.
They sobered up and said they had not heard of anything and if it was true it would be all over the news since Michael's is a large chain in the US/Canada... they had a point.
Yes is going through a struggle. It was explained to me it was more of a forced bankruptcy reorg, and from what I've heard it's not in trouble yet, it's more of it's large creditors insuring they will be the first in line to get paid if indeed things go wrong financially so the bankruptcy reorg is forced on Wilton. (not sure where the truth about forced/unforced and I don't care and as long as I get to continue teaching classes I'm happy.)
i didn't hear this on the web, but on t.v.
Yeah but they asked where I found out and I said "from someone on the internet" They asked where they heard it and let them know I didn't ask.
Was it a local station or major network (CNN type)?
I'd love to see what you saw and see what they had to say.
it was a local station, but it was when i was visiting a friend is southern california, so i don't remember which station it was...i wasn't paying attention to that.
if you look back at the research I did, and the comments Debluvs2bake made...
1) they are sound and fully in the BLACK aka money in the bank
2) they are doing "realignment" -- closing under performing stores and opening new ones in areas where there is a greater chance of success.
so - yes while diane was in CA she may have heard of "Michaels closing - going out of business" -- that was a given store or set of stores, money loosing, that closed.
Because 1 or even 4 or 5 or more stores close does NOT mean all the stores are closing -- just the ones not carrying their weight.
gosh if that were the case, every time WalMart closed a store so they could move it and "supercenter" size it, they'd have been out of business long ago
if you look back at the research I did, and the comments Debluvs2bake made...
1) they are sound and fully in the BLACK aka money in the bank
2) they are doing "realignment" -- closing under performing stores and opening new ones in areas where there is a greater chance of success.
so - yes while diane was in CA she may have heard of "Michaels closing - going out of business" -- that was a given store or set of stores, money loosing, that closed.
Because 1 or even 4 or 5 or more stores close does NOT mean all the stores are closing -- just the ones not carrying their weight.
gosh if that were the case, every time WalMart closed a store so they could move it and "supercenter" size it, they'd have been out of business long ago
thanks doug for clearing this all up...i really love michael's and rely on them a great deal for products! 
Because 1 or even 4 or 5 or more stores close does NOT mean all the stores are closing -- just the ones not carrying their weight.
It's true. Companies aren't going to keep a store around that's not profitable. I used to be a District Manager for a women's clothing company. Every year they would pick 2 or 3 of their worst performing stores and close them. They would also open anywhere from 5 to 8 new stores.
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