They are no longer a publicly traded company so any info is speculation ... but it was widely thought that they were on shaky ground over a year ago and I don't think they have gotten on any firmer footing.
They have been experimenting with different marketing statigies for a while. They used to have a 40 percent coupon every week in the flyer in the Sunday paper, then they stopped that and it went to about once a month... and now they are back with more flyers and more coupons. It is typical of them to increase the coupons just before a holiday to attract as much of the holiday spending $$ . With Easter coming ... it may be such a strategy. Did you notice Jo Anns has more coupons?
All that being said ... there are never many cars in the parking lots at the Michaels in my area.