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.
Michaels said its decision to put itself up for sale as part of its broader exploration of its strategic options was driven by a desire to boost shareholder value and improve its 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 that position.
