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Crafts retailer Michaels to close all Aaron Brothers stores

Discussion in 'Economy' started by Susan Addams, Mar 22, 2018.

  1. Susan Addams

    Susan Addams Unregistered User

    Reuters (link):

    I'm shocked! I get all my artist supplies at Michael's. I've already been shopping twice at the Michael's in my new location. (Most of my artist supplies are in storage. BTW Michaels' prices are fantastic!!!) I just visited Aaron Bros. yesterday. Nobody said anything.

    My local Michael's is better stocked and larger than my local Aaron Bros. anyway. ... It's funny, I couldn't find ink erasers at either store (or at Staples) so I finally ordered some from Amazon.

    You know that's ironic considering another story I posted today, about Amazon cutting sale of small items. I bought a 5 pack of ink erasers for about $8, to be delivered tomorrow. They talk about Amazon hurting other businesses. Maybe the real story is that Amazon is big enough to afford to have stock and their competitors are too small to stock it? Just how is that going to work out if the government decides to break up Amazon because they're getting too big?

    One thing for sure, every time our government touches something, they break it and we have to pay for it. Just exactly how did bailing out Wall Street but letting Main Street flounder work for we consumers?

    ETA:

    Just how well did it turn out for the whole world when US touched Iraq and broke it, killed a bunch of Iraqis, got a bunch of Americans killed, and now the whole Middle East is destabilized, got yer NK getting ready to nuke and Iran running a close 2nd (on blood money US gave Iran!). Every time the US government touches something they break it. They're like a bull in a china shop. What we need to do is castrate the bull. :(

    Hey, hey! Cut the bull! Get it? ;) What we need to do is grab the bull by the balls and twist! :D

    (I keep wondering why we don't have a rant font... ;))

    ETA #2:

    I decided to dig deeper and had a look at Michael's stock: MIK (link) ... Check out the 1 year graph and that's a sick company! They peaked late January ($27.78), and now mere weeks later they are dropping like a rock ($19.57) towards a new 1 year low. (Current 1 year low is $17.25.)

    Looking deeper: Oldest price I can get (presumably when they went public) is $17.02 on June 27, 2014, worst ever low is $14.89 on Aug. 15, 2014, less than two months later. LOL, they're a good example of a bad example! ;)

    I've been trying to resist buying more supplies since I decided to move and they've been having huge sales in recent months. I wonder WTH is going on? I've been getting some really good prices this week and I'm all stocked up and ready to draw and paint! (I already started a pen & ink project and a mixed-media project.)

    On the other hand their financials look okay despite their stock prices. (Do we have a scratching head smiley?) Revenue, net income, net profit margin all up.


    Just noting, ALL the market indicators are down today. Wall Street is definitely having a bear day. You know what I call that? I call it a buying opportunity. But definitely not MIK. If I was into selling short I'd sure give it in the shorts for MIK. (It's a good thing I don't believe in risking money I don't have. I'm a 100% cash trader.)
     
    Last edited: Mar 22, 2018

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