IRVING, TX -- 07/24/08 --
Michaels Stores, Inc., the world's largest
specialty retailer of art supplies, kids & specialty crafts, framing and
do-it-yourself home decor, today announced that Elaine D. Crowley has been
named Executive Vice President - Chief Financial Officer of the company,
effective August 18, 2008.
Elaine, 49, was most recently Senior Vice President, Chief Financial
Officer & Treasurer for The Bombay Company, Inc. During her 18 year tenure
with Bombay she had direct responsibility for accounting and control,
financial planning and analysis, tax, loss prevention, risk management,
internal audit, SEC reporting, investor relations and treasury. She also
initiated processes to strengthen sales and financial forecasts, expense
control, inventory management and cash flow to respond to changing
financial needs of the business. Elaine is a Certified Public Accountant
with a B.B.A. in Accounting from Texas Christian University.
Michaels Stores, Inc. Chief Executive Officer, Brian C. Cornell, said, "We
are very excited to have a Chief Financial Officer with Elaine's background
and experience join our team. In addition to her financial acumen, her
understanding of supply chain, sourcing, and extensive retail experience
make her a great fit for Michaels."
"As the largest retailer of arts and crafts in North America, I believe
that Michaels has tremendous opportunities ahead as it continues to expand
its global sourcing network and increase market share," noted Ms. Crowley.
"I am looking forward to joining the Michaels team and to contributing to
its future success."
As of July 23, 2008, the Company owns and operates 989 Michaels stores in
49 states and Canada and 164 Aaron Brothers stores.
This press release is also available on the Michaels Stores, Inc. website
(www.michaels.com).
