Michaels Stores Sold

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The famed arts & crafts chain Michaels Stores put itself up for sale recently as longtime president and CEO, Michael Rouleau announced his retirement.

Michaels said the decision to sell-out was strategically the best option that will boost shareholder value and improve its overall financial performance.

The retailer said it would leave the CEO post vacant, and named Jeffrey N. Boyer and Gregory A. Sandfort as co-presidents to succeed Rouleau in the position.

Michaels said it hired investment bank JPMorgan as financial adviser as it reviews its options, a process that will take a number of months.

Michaels Stores owns and operates 896 Michaels stores in 48 states and Canada, 165 Aaron Brothers stores, 11 Recollections stores and four Star Wholesale operations.

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