I work at Michael's and we get abbreviated financial reports (it's not a publicly-traded company and these could be completely made-up), but sales are up across the board all year this year. They're expanding at a record rate, opening about 90 stores a year, and now going into Canada and Puerto Rico. The company that bought them out was a "flip this house" kind of company ... and they have flipped it good! Michaels is in good shape - and much better shape than Joann's (used to work there too) and their debt is unbelievable, company-wide. The stock was tanking when they got bought out. Yes, less newspaper advertising for Michaels (everybody is cutting back on that; readership is not there anymore). Michaels, and everybody, is focusing on e-mail signups to get coupons there.