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Struggling big box retailer Michaels (MIK) has seen its market value disintegrate over the past couple of years. The company traded for nearly $30 per share just two years ago but today, even after a massive rally, it goes for just $8. I’ve been bullish on Michaels in the past and clearly, that was the wrong side to be on. However, the company’s results are nowhere near bad enough to warrant an $8 share price,