Michaels for Sale, Shares Up, Company's Ceo Retiring
Inland Valley Daily Bulletin › April 04, 2006
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Summary
IRVING, Texas - Michaels Stores Inc., an arts and crafts retail chain, put itself up for sale Monday and said its longtime president and chief executive, R. Michael Rouleau, is retiring. Its shares rose nearly 13 percent.
Michaels said its decision to put itself up for sale as part of its broader exploration of its strategic options was driven a desire to boost shareholder value and improve its financial performance. The Irving-based 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 that position. The company said Rouleau, 67, was leaving "after a decade of exemplary service."See the full content of this document
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Michaels for Sale, Shares Up, Company's Ceo Retiring
The company declined to make Rouleau available for comment.
Boyer w...See the full content of this document
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