History
Michael Dupey got his start in 1968 when he worked for City Product Corporation (Ben Franklin Stores). He converted one of these stores into an arts and crafts outlet, after his father, James Dupey, purchased it for $72,000 from City Product Corporation, which included all of the outlets. The buyout stated that Michael Dupey had to pay his father back $1.2 million dollars after taxes, with the balance due after 8 years. In that period of time he changed the name to Michaels Arts & Crafts and paid back his father's loan.
In 1983 his father sold out the contracts to Sam Wyly. James Dupey sold his son's contracts for the stores that were not paid for 100%, along with Michael's cash deposits and his name (Michael's Arts & Crafts). James Dupey told Michael that the store name was registered under Dupey Management Corporation (Michael Dupey's Corporation), however, it was not James Dupey had registered it in his corporation, Dupey Enterprises, Inc.
Michael worked with the new owner Sam Wyly. He gave Michael the two Michaels Arts & Craft Stores in the Dallas/Fort Worth area in return for his son Michael to help him build public company.
Sam operated Michaels from 1983 till 1990 when it became involved in financial difficulty. Michael Dupey, who at the time was operating his 24-unit MJDesigns chain, was brought in as a special consultant. The public company was moving forward on all fronts with positive momentum. The Michaels chain comprised 140 stores by the end of 1990, with sales reaching $362 million and debt down from $34 million to $9 million after one year. Michael worked as a consultant for Michael’s public company till 1999.
MJ Designs was formerly a part of Michaels, operating as Michael's MJ Designs, before the company split in the mid 1980s. The chain was named after the son Mike Dupey. The company split was caused by major disagreements between the father and son. Part of the court ruling was Mike will get the stores in the DFW area and the East coast and rename them MJ Designs. James Dupey held the Austin and Houston areas, the court ruling stated they stay out of each other's territory for 7 years, allowing both companies to grow without competition. In 1997 after the court ruling expired. MJ Designs first filed for Chapter 11 Bankruptcy in 1999, They closed all their stores in the Northeast region, which were in Maryland, New York,Georgia, Virginia, and several other states. Several other locations were shut down in Dallas/Fort Worth about this time. The remaining 9 stores were bought out by Cardnell Investors, who reopened the Dallas/Fort Worth stores. MJ Designs filed for Chapter 11 Bankruptcy again on 13 December 2002 and closed its doors the following May.
Read more about this topic: MJ Designs
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