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In 1984, with only 16 Michaels stores located primarily in Texas, Michaels Stores, Inc. became a publicly held company. Shortly thereafter, Michaels Stores embarked on an aggressive national expansion program, and by 1995, through a series of new store openings and acquisitions, they had increased their holdings to over 500 stores, more than tripling their size to become the largest arts and crafts specialty retailer in North America. Beginning in 1996, Michaels Stores focused on increasing the profitability of our existing stores by implementing a variety of operating initiatives, including installing point-of-sale systems chain-wide to record item-level sales, implementing standardized merchandise planograms to enhance merchandise presentation, eliminating non-core merchandise, reducing costs through centralization of functions, and strengthening the quality and dept of their management team.
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