Michaels Stores considers sale

27 March 2006 – New York (NY): The board of directors at US arts and crafts retailer Michaels Stores has started to explore strategic alternatives to enhance shareholder value, including a potential sale of the company.

The company has said it does not intend to disclose developments regarding its exploration unless its board of directors approves a specific transaction.

 

Michaels Stores also announced that its president and CEO, Michael Rouleau, will retire after being with the company for 10 years. He will be succeeded by EVP and CFO Jeffrey Boyer, and EVP and general manager Gregory Sandfort as co-presidents.