Newspaper article THE JOURNAL RECORD

Michaels Should Benefit from Crafts-Store Cutback

Newspaper article THE JOURNAL RECORD

Michaels Should Benefit from Crafts-Store Cutback

Article excerpt

COPPELL, Texas (Bloomberg) -- MJ Designs, a closely held crafts- store chain, will close 11 poorly performing locations in Texas, New York and Georgia in a move that stands to benefit its larger rival, Michaels Stores.

MJ Designs, based in the Dallas suburb of Coppell, will close five Dallas-area stores, three in Houston, and one each in Duluth, Ga., and Plattsburgh and Henrietta, N.Y.

The store closings will likely produce sales gains for rival Michaels, particularly in the Texas markets, according to stock analyst Dennis Telzrow, a Hoak Breedlove Wesneski employee who has a "buy" on the shares. "It's not immaterial for them to lose some competition in some major markets," Telzrow said. Closing dates haven't been set yet, MJ Designs said. Once they're completed, MJ Designs will operate 46 stores in Texas, Georgia, Maryland, Virginia and New York. Irving, Texas-based Michaels operates 454 crafts stores under its own name, including five in the Oklahoma City metropolitan area, and 74 Aaron Brothers stores in 45 states, Canada and Puerto Rico. …

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