Michaels Stores to close 14 shops
From Times Wire Reports
Michaels Stores Inc., the arts-and-crafts retailer purchased by buyout firms Bain Capital and Blackstone Group, plans to exit its concept businesses.
The Irving, Texas-based company said it would close 11 Recollections and three of four Star Decorators’ Wholesale locations by the end of the first quarter. The Star site that remains open will operate under the Moskatel’s banner.
Michaels Stores said the closings would result in as much as $14 million in costs and stem from its plans to focus on its namesake and Aaron Brothers chains.
It forecast sales gains at locations open at least a year of 1% to 2% in the 12 months through January.
