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Michaels to Close Recollections Stores
Posted by: Editors | October 17, 2007
Michaels Stores announced yesterday it plans to discontinue its concept businesses, Recollections and Star Decorators’ Wholesale. The company anticipates closing 11 Recollections and three of its four Star locations by the end of the first quarter of fiscal 2008. One Star location will continue operations under the Moskatel’s banner. In connection with this decision, the company expects to incur approximately $11 million to $14 million in incremental charges as a result of lease obligations, inventory liquidation, asset-related write-downs, and severance benefits, with a majority of the charges being incurred in the third quarter of fiscal 2007.
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