IRVING, Texas, July 8 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today announced that Michael Rouleau has agreed to extend his
employment agreement as President and Chief Executive Officer of Michaels
Stores, Inc. through January 2008. Mr. Rouleau's previous contract expires in
January 2006.
Charles J. Wyly, Jr., Chairman of the Board, stated, "Over the past eight
years, under Michael Rouleau's leadership, Michaels Stores has grown and
strengthened significantly, becoming one of the best-performing retailers in
North America. The Company is well-positioned for continued success, and we
are very pleased that Michael has agreed to continue leading it into 2008. We
continue to have great confidence in the Company under his direction."
Rouleau added, "When I joined the Company in 1996, I believed that
Michaels had enormous long-term potential, and I am very proud of our progress
as we have delivered seven straight years of record sales and profits.
However, much remains to be done, and I've never been more excited about our
business, our management team, or our opportunities to continue transforming
Michaels from a good company into a world-class retailer."
The Company also reported today that Ron Staffieri, President of the
Michaels Stores Group, an operating division of Michaels Stores, Inc., has
announced his decision to leave Michaels by the end of August 2004. Mr.
Rouleau commented, "We are grateful to Ron for his contributions as a member
of the strong management team we've assembled at Michaels in recent years, and
all of us wish him every success in his future endeavors." The Company said
it has no plans to fill Mr. Staffieri's former position.
Michaels Stores, Inc. is the world's largest specialty retailer of arts,
crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist
and do-it-yourself home decorator. As of July 8, 2004, the Company owns and
operates 823 Michaels stores in 48 states and Canada, 159 Aaron Brothers
stores, four ReCollections stores, and three Star Wholesale operations.
Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, estimation risks, customer demand and trends in the arts
and crafts industry, related inventory risks due to shifts in customer demand,
the effect of economic conditions, the impact of competitors' locations or
pricing, the availability of acceptable locations for new stores, difficulties
with respect to new information system technologies, supply constraints or
difficulties, the results of financing efforts, the effectiveness of
advertising strategies and other risks detailed in the Company's Securities
and Exchange Commission filings. The Company intends these forward-looking
statements to speak only as of the time of this release and does not undertake
to update or revise them as more information becomes available.
This press release is also available on the Michaels Stores, Inc. website
(http://www.michaels.com ).
SOURCE Michaels Stores, Inc.
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Related links:
http://www.michaels.com
Company News On-Call:
http://www.prnewswire.com/comp/115769.html
CONTACT:
Jeffrey N. Boyer, Executive Vice President -
Chief Financial Officer, +1-972-409-1581, or Christopher J.
Holland, Vice President Finance, +1-972-409-1667, both of
Michaels Stores, Inc.
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