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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Item&#160;2.05.&#160;&#160;&#160;&#160;&#160;Costs Associated with Exit or Disposal Activities.</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Following the completion by The Michaels Companies, Inc. (the &#8220;Company&#8221;) of a strategic review of the Darice business (&#8220;Darice&#8221;) in the United States, on May 14, 2020, the officers of the Company adopted a plan to close the Darice wholesale operations (the &#8220;Plan&#8221;). The Company expects the closure process to be substantially completed by November 30, 2020. As a result, the Company expects the fiscal 2020 after-tax cost of implementing the Plan to be in the range of $46 million to $52 million, consisting primarily of costs associated with the liquidation of inventory, employee-related expenses and costs associated with the write-off of intangible assets.  </span></p><p style="font-family:'Times New Roman';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">In fiscal 2019, Darice net sales totaled approximately $80 million and had no material impact on the Company&#8217;s operating income.</p><p style="font-family:'Times New Roman';font-size:12pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The above costs are estimates, and the actual costs may vary materially based on various factors, including timing of the closings; factors affecting inventory value; actual employee terminations and benefits; changes in management&#8217;s assumptions and plans; or other factors.</p><p style="font-family:'Times New Roman';font-size:12pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman';font-size:10pt;line-height:0pt;margin:0pt 0pt 10pt 0pt;"><span style="font-size:0pt;line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><a id="_a4742397_a31a_4ee6_a9bd_fdbedd6036da"></a></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:27.5pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:11.7pt;"><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:1pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">&#160;</p></td><td colspan="2" style="vertical-align:top;width:51.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">THE MICHAELS COMPANIES, INC.</b></p></td></tr><tr style="height:11.7pt;"><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:11.7pt;"><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:11.2pt;"><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:1pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">By:&#8194;</p></td><td style="vertical-align:top;width:48.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">/s/ James E. Sullivan</p></td></tr><tr style="height:46.45pt;"><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:1pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:1pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">James E. Sullivan</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">Chief Accounting Officer and Controller</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">(Principal Financial Officer)</p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:267.3pt;text-indent:-267.3pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">Date:&#160;May 15, 2020 </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
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{"company-data": {"conformed-name": "Michaels Companies, Inc.", "cik": "0001593936", "assigned-sic": "5945", "irs-number": "371737959", "state-of-incorporation": "DE", "fiscal-year-end": "0201"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36501", "film-number": "20886441"}, "business-address": {"street1": "8000 BENT BRANCH DRIVE", "city": "IRVING", "state": "TX", "zip": "75063", "phone": "9724091300"}, "mail-address": {"street1": "8000 BENT BRANCH DRIVE", "city": "IRVING", "state": "TX", "zip": "75063"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
May 14, 2020
​
THE MICHAELS COMPANIES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
001-36501
(Commission
File Number)
37-1737959
(IRS Employer
Identification No.)
8000 Bent Branch Drive
Irving
,
Texas
75063
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(
972
)
409-1300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock
, $0.06775 par value
MIK
Nasdaq
Stock Market
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.05.     Costs Associated with Exit or Disposal Activities.
Following the completion by The Michaels Companies, Inc. (the "Company") of a strategic review of the Darice business ("Darice") in the United States, on May 14, 2020, the officers of the Company adopted a plan to close the Darice wholesale operations (the "Plan"). The Company expects the closure process to be substantially completed by November 30, 2020. As a result, the Company expects the fiscal 2020 after-tax cost of implementing the Plan to be in the range of $46 million to $52 million, consisting primarily of costs associated with the liquidation of inventory, employee-related expenses and costs associated with the write-off of intangible assets.
​
In fiscal 2019, Darice net sales totaled approximately $80 million and had no material impact on the Company's operating income.
​
The above costs are estimates, and the actual costs may vary materially based on various factors, including timing of the closings; factors affecting inventory value; actual employee terminations and benefits; changes in management's assumptions and plans; or other factors.
​
​
2
​
SIGNATURE
​
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
THE MICHAELS COMPANIES, INC.
​
​
By:
/s/ James E. Sullivan
James E. Sullivan
Chief Accounting Officer and Controller
(Principal Financial Officer)
​
​
Date: May 15, 2020
​
​
​
3