Michaels Pulls Line of Coffee Products Linked to Former CEO's Romantic Partner Amid Ethics Scandal

Michaels Cos. is removing Incredibrew coffee products from its shelves, founded by Chandra Holt, who had a personal relationship with former CEO Ashley Buchanan. Buchanan was fired from Kohl's Corp. for directing millions of dollars to Holt without disclosing their relationship. Holt's coffee is also sold at Walmart and Amazon, where it is currently discounted.

Michaels Cos., the arts and crafts retailer, is discontinuing its line of Incredibrew coffee products, which were launched by Chandra Holt, the CEO of Incredibrew Coffee Co. The move comes as Michaels seeks to distance itself from a corporate ethics scandal that involved its former CEO, Ashley Buchanan, and Holt, Buchanan's romantic partner.

Buchanan, who was recently fired from Kohl's Corp. for failing to disclose his relationship with Holt, had pushed to get Incredibrew into Kohl's stores within months of his hiring. The Wall Street Journal reported that Buchanan had hired Boston Consulting Group, where Holt was an advisor, leading to her dismissal [2]. Buchanan was fired for cause after an investigation by Kohl's determined he had not reported a conflict of interest with a vendor with whom he had a personal relationship [2].

Now, Michaels is pulling Incredibrew products from its website and stores, and heavily discounting them to move them off the shelves faster. The coffee pods, which are infused with vitamins and supplements like collagen and melatonin, were initially sold near the candy at the cash registers, but their placement has been changed [1]. The move is part of Michaels' broader effort to clean up its image following the ethics scandal that ensnared multiple chains over more than a decade.

Incredibrew coffee products are still available for purchase on Walmart and Amazon, where they are currently discounted. Holt launched the coffee startup in 2024 after leaving Conns HomePlus and briefly serving as CEO of Bed Bath and Beyond [2]. Holt's LinkedIn profile touts the benefits of collagen in coffee, which Buchanan reposted [2].

The current situation highlights the importance of transparency and conflict of interest disclosure in corporate decision-making. Michaels' move to discontinue Incredibrew products is a step towards addressing the issues raised by the scandal and rebuilding trust with customers and investors.

References:
[1] https://news.bloomberglaw.com/esg/michaels-dumping-coffee-made-by-former-ceos-romantic-partner
[2] https://www.jsonline.com/story/money/business/2025/05/21/fired-kohls-ceo-buchanan-pressed-to-carry-girlfriends-incredibrew/83770429007/