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Bain, Blackstone-backed Michaels Stores in hunt for new CEO

23 Jul 2012

Private equity-backed Michaels Stores, North America’s largest arts, crafts and DIY chain, is hunting for a new CEO after John Menzer stepped down to recover from a stroke.

The company will continue to be run by the CEO’s office until a new appointment is made.

Michaels Holdings, which owns about 93 per cent of the company, is controlled by buyout houses Bain Capital and Blackstone.

Bain Capital managing director Matt Levin said, “Our thoughts and prayers continue to be with John and his family during his ongoing recovery.

“We will greatly miss his leadership, passion and enthusiasm, but the imprint he has left on the company will endure in its people and their commitment to excellence.

“John’s contributions to Michaels cannot be overstated and he will always remain part of the Michaels family.”

Michaels Stores owns more than 1,000 shops across 49 states and Canada, as well as 127 Aaron Brothers stores.

Copyright © 2012 AltAsset


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