Michaels short pitched at Kase conference

|About: The Michaels Companies (MIK)|By:, SA News Editor

Core trends are soft in arts & craft, says Keith Rosenbloom, making the case to short Michaels (NASDAQ:MIK) at the Kase Learning Short-Selling Conference.

A key segment of the company's margin is framing, but the ability to have this done online has become a threat.

As for the balance sheet, it remains leveraged - a leftover legacy from private-equity ownership, plus share buybacks.

P-E players still own 42% of the company, and they've been regular sellers.

MIK closed the session up 2.7%.


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