Michaels, having completed a strategic review of its Aaron Brothers business, will shutter 94 full-size Aaron Brothers stores and reposition the operation as a store-within-a-store, providing custom framing services in all Michaels locations.
In addition, the company noted that it would rebrand Framerspointe.com, a company-owned online custom framing website, as AaronBrothers.com.
Aaron Bros. is a small, specialty retail chain primarily focused on custom framing, ready-made frames, wall art and art that, in 2017, generated net sales of about $110 million and had no material impact on overall company operating income, Michaels said. The retailer maintained that the after-tax cost of implementing Aaron Bros.-related changes should be in the range of $37 million to $42 million.
The company stated that it anticipates that the vast majority of costs associated with the Aaron Bros. transformation will be recognized in the first quarter of fiscal 2018 and that after-tax cash impact of the changes will be minimal.
Michaels operates 97 Aaron Bros. stores. The company acquired Aaron Bros. in 1995.