NEW YORK (AP) -- Michaels Stores Inc., which is planning to return to the public stock markets, says CEO John Menzer has resigned so that he can concentrate on his recovery and rehabilitation from a stroke suffered earlier this year.
The arts and crafts company said Friday that the Office of the CEO — consisting of interim Chief Operating Officer Lew Klessel and Chief Administrative Officer and Chief Financial Officer Chuck Sonsteby — will lead the retailer while it searches for a new CEO.
Menzer had been hospitalized in April. A month earlier the company filed for a $500 million initial public offering. The filing came six years after private equity firms Bain Capital LLC and The Blackstone Group LP bought the Irving, Texas, company in a $6 billion leveraged buyout.
"Our thoughts and prayers continue to be with John and his family during his ongoing recovery," Bain Capital Managing Director Matt Levin said in a statement.
Michaels owns and runs 1,074 of its namesake stores in 49 states and Canada. It also has 127 Aaron Brothers stores. The stores sell a wide variety of products for arts, crafts, scrapbooking, framing, home decor, holidays and children's activities.
