Crafts Retailer To Close Nearly All Of Its Framing And Art Supplies Stores
The largest crafts retailer in the U.S., Michaels Cos., will shutter 94 Aaron Brothers stores by July 31.
The decision to close Aaron Brothers, a framing and art supplies retailer owned by Michaels, was made after discovering the chain had contributed only $110M in sales to Michaels' $5.4B in revenue during the last fiscal year, the Houston Chronicle reports.
It will now cost Michaels between $37M and $42M to shutter the stores, Reuters reports.
Like many retailers, Aaron Brothers has struggled with the shift in consumer shopping behavior in favor of online shopping. To account for the changes, Michaels will move the custom framing business online with a rebranded website called AaronBrothers.com, and plans to offer framing services inside its Michaels stores. Only three small Aaron Brothers brick-and-mortar stores will remain open moving forward.