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	<title>Scrapbook Update&#187; Nancy Nally</title>
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	<link>http://www.scrapbookupdate.com</link>
	<description>Where scrapbooking means business.</description>
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		<title>Hambly Screen Prints Closing</title>
		<link>http://www.scrapbookupdate.com/2012/05/19/hambly-screen-prints-closing/</link>
		<comments>http://www.scrapbookupdate.com/2012/05/19/hambly-screen-prints-closing/#comments</comments>
		<pubDate>Sat, 19 May 2012 23:31:50 +0000</pubDate>
		<dc:creator>Nancy Nally</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Allison Kreft Abad]]></category>
		<category><![CDATA[Echo Park Paper]]></category>
		<category><![CDATA[Hambly Screen Prints]]></category>

		<guid isPermaLink="false">http://www.scrapbookupdate.com/?p=25689</guid>
		<description><![CDATA[According to the Hambly Screen Prints blog, the brand is in the process of &#8220;winding down operations&#8221; at the direction of founder Harry Hambly and will produce no more new product. The blog post earlier today was authored by Alison Kreft Abad, who was the company&#8217;s Art Director for over 8 years. She states that [...]]]></description>
			<content:encoded><![CDATA[<p>According to the Hambly Screen Prints blog, the brand is in the process of &#8220;winding down operations&#8221; at the direction of founder Harry Hambly and will produce no more new product.</p>
<p>The <a href="http://hamblyscreenprints.typepad.com/screen_prints_blog/2012/05/im-not-sure-where-to-start-but-i-have-some-very-sad-newsas-you-may-be-aware-harry-hambly-is-looking-to-wind-down-operati.html#comments" target="_blank">blog post earlier today</a> was authored by <a href="http://www.allisonkreft.typepad.com/" target="_blank">Alison Kreft Abad</a>, who was the company&#8217;s Art Director for over 8 years. She states that she is no longer with Hambly because of the company&#8217;s intent to produce no future Hambly Screen Prints product, and that she is transitioning to new opportunities.</p>
<p>Santa Clara, California-based Hambly Studios has been in business for over 35 years. The company is known in the crafts industry for its graphic styled screen printed products such as transparencies, and for its rub-ons, washi tape and prismatic stickers, but it also produces other products that include wall decals, notebooks and calendars.</p>
<p>UPDATED: Allison Kreft Abad indicated in a post about the closing yesterday on her own blog that one of the new opportunities that she is working on is designing a new collection for Echo Park Paper Company.</p>
<p><a href="http://www.shareasale.com/r.cfm?b=165660&amp;u=213780&amp;m=7429&amp;urllink=&amp;afftrack=" target="_blank"><img src="http://www.shareasale.com/image/468x60sbcombanner.jpg" alt="" border="0" /></a></p>
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		<title>Paperclipping Roundtable #114: My Experience of Your Experience</title>
		<link>http://www.scrapbookupdate.com/2012/05/18/paperclipping-roundtable-114-my-experience-of-your-experience/</link>
		<comments>http://www.scrapbookupdate.com/2012/05/18/paperclipping-roundtable-114-my-experience-of-your-experience/#comments</comments>
		<pubDate>Sat, 19 May 2012 03:07:21 +0000</pubDate>
		<dc:creator>Nancy Nally</dc:creator>
				<category><![CDATA[Roundtable]]></category>
		<category><![CDATA[Ana Cabrera]]></category>
		<category><![CDATA[Tami Morrison]]></category>

		<guid isPermaLink="false">http://www.scrapbookupdate.com/?p=25675</guid>
		<description><![CDATA[This week&#8217;s episode is hysterically epic, even by Roundtable standards! As our guest Tami Morrison tweeted afterwards, &#8220;we put the talk in stalking! &#8211; with a lot of help from our other guest Ana Cabrera. (Oh yeah &#8211; and in between, we squeezed in some talk about end of the school year scrapbooking.) Click on [...]]]></description>
			<content:encoded><![CDATA[<p>This week&#8217;s episode is hysterically epic, even by Roundtable standards! As our guest Tami Morrison tweeted afterwards, &#8220;we put the talk in stalking! &#8211; with a lot of help from our other guest Ana Cabrera. (Oh yeah &#8211; and in between, we squeezed in some talk about end of the school year scrapbooking.)</p>
<p><iframe src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F46757442&amp;show_artwork=true" frameborder="no" scrolling="no" width="100%" height="166"></iframe></p>
<p>Click on the share button above to share this episode on your own site by embedding the audio player right on your own site!</p>
<p>To download the file to your computer <a href="http://traffic.libsyn.com/roundtable/prt114-bbq.mp3" target="_blank">right click this link</a>. You can also visit the <a href="http://www.paperclipping.com/prt114-my-experience-of-your-experience/" target="_blank">Paperclipping Roundtable web page</a> to listen to the episode.<span id="more-25675"></span></p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<h4>The Panel</h4>
<ul>
<li><a href="http://craftification.com/" target="_blank">Ana Cabrera</a></li>
<li><a href="http://bcre8uv.typepad.com/" target="_blank">Tami Morrison</a></li>
<li><a href="http://www.scrapbookupdate.com/about" target="_blank">Nancy Nally</a></li>
<li><a href="http://www.paperclipping.com/about" target="_blank">Noell Hyman</a></li>
</ul>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<h4>Sponsor</h4>
<p><strong><a href="http://www.shareasale.com/r.cfm?b=52016&amp;u=327729&amp;m=9622&amp;urllink=&amp;afftrack=" target="_blank"><img src="http://www.shareasale.com/image/9622/468x60-3.jpg" alt="" border="0" /></a></strong></p>
<p><strong>Big Picture Classes! </strong><a href="http://www.paperclipping.com/bigpicture">Click here</a> for promo code for 10% off on any one purchase at Big Picture Classes! (Don’t forget that you can still use the link to support Roundtable even if you’ve already used the one-time use discount code this year.)</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<h4>Sponsor:</h4>
<p><a href="http://www.createmoremedia.com/affiliates/idevaffiliate.php?id=166_12" target="_blank"><img src="http://www.createmoremedia.com/affiliates/banners/468banner_v2.jpg" alt="" width="468" height="60" border="0" /></a></p>
<p>Everyday Storyteller is now available! Dive into tips and techniques about all aspects of scrapbooking from 33 of the industry’s top names, including Anna Aspnes, Amy Tan, Melissa Stinson, Debbie Hodge, Angie Lucas, CD Muckosky, Renee Pearson, Elle Price, Jessica Sprague, Tiffany Tillman and Roundtable’s own Nancy Nally!</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<h4>Picks of the Week</h4>
<ul>
<li><a href="http://hipstamatic.com/the_app.html" target="_blank">Hipstamatic iPhone App</a></li>
<li><a href="http://www.artterro.com/" target="_blank">Artterro Art Kits</a></li>
<li><a href="http://www.shareasale.com/r.cfm?u=213780&amp;b=33086&amp;m=7429&amp;afftrack=&amp;urllink=store.scrapbook.com%2Fms-45-00023.html" target="_blank">Martha Stewart Crafts – Stitched Collection</a></li>
<li><a href="http://www.shareasale.com/r.cfm?u=213780&amp;b=33086&amp;m=7429&amp;afftrack=&amp;urllink=store.scrapbook.com%2Fpp-pe-ppm31253.html" target="_blank">Perfect Pearls Mist – Ranger</a></li>
</ul>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p><script type="text/javascript" src="http://ap.lijit.com/www/delivery/fpi.js?z=138295&#038;u=scrapbookupdate&#038;width=300&#038;height=250"></script></p>
<p><strong>Want to stay up-to-date on all the latest scrapbook news?</strong></p>
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		<item>
		<title>Noteworthy &#124; 5.18.2012</title>
		<link>http://www.scrapbookupdate.com/2012/05/18/noteworthy-5-18-2012/</link>
		<comments>http://www.scrapbookupdate.com/2012/05/18/noteworthy-5-18-2012/#comments</comments>
		<pubDate>Sat, 19 May 2012 00:38:54 +0000</pubDate>
		<dc:creator>Nancy Nally</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[American Crafts]]></category>
		<category><![CDATA[Becky Higgins]]></category>
		<category><![CDATA[Blossom Bucket]]></category>
		<category><![CDATA[Designer Digitals]]></category>
		<category><![CDATA[Jennifer McGuire]]></category>
		<category><![CDATA[Julie Fei-Fan Balzer]]></category>
		<category><![CDATA[Maya Road]]></category>
		<category><![CDATA[Project Life]]></category>
		<category><![CDATA[Ranger]]></category>
		<category><![CDATA[Tim Holtz]]></category>
		<category><![CDATA[Wendy Vecchi]]></category>

		<guid isPermaLink="false">http://www.scrapbookupdate.com/?p=25658</guid>
		<description><![CDATA[Welcome to another week of Noteworthy! It was a relatively quiet week this week in the scrapbook world compared to the flood of releases and big news the past few weeks, but we still have lots of fun stuff to talk about! So let&#8217;s get started&#8230; The biggest announcement this week arguably came from Becky [...]]]></description>
			<content:encoded><![CDATA[<p>Welcome to another week of Noteworthy! It was a relatively quiet week this week in the scrapbook world compared to the flood of releases and big news the past few weeks, but we still have lots of fun stuff to talk about! So let&#8217;s get started&#8230;</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>The biggest announcement this week arguably came from Becky Higgins, and it was about Project Life, of course. <a href="http://www.beckyhiggins.com/blog/2012/05/big-announcement-about-project-life-core-kits/" target="_blank">Details of the announcement</a> are a bit sketchy because Becky&#8217;s announcement video is currently unavailable for viewing. However, the brief summary points that she posted underneath the video indicate the following big changes are coming soon to the Project Life core kits:</p>
<ul>
<li>Project Life core kit production is being shifted to the U.S. from overseas. This will cut down on out of stock time as production is much faster, and the print and paper quality will be much better.</li>
<li>Packaging is changing to a large flat package that includes a plastic tray in which all of the cards will lay flat. All of the new packaging is 100% recyclable.</li>
<li>Kit contents will be changing: There will now be 500 journaling cards in each kit, with &#8220;filler&#8221; designs on the back, plus 40 bi-fold cards (up from 24). The title cards will be horizontal designs on the front and vertical on the back (the same designs, just shifted in orientation).</li>
<li>Another change that is coming to the kit contents: stickers are being eliminated, for now. Becky says it is too expensive to produce them here in the U.S., so they are eliminating them from the core kits, and looking at options to produce them as a separate item that can be purchased as an add-on for Project Life in the future.</li>
<li>The original Project Life kit is coming back! As part of the new U.S. production, all of the Project Life core kits are being reprinted: Clementine, Cobalt, Amber, and Turquoise &#8211; and the original kit is coming back as well! It will be called the &#8220;Cherry&#8221; edition.</li>
</ul>
<div>No precise word from Becky on when we&#8217;ll see these changes in action in the product shipping to customers.<span id="more-25658"></span></div>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>Looking for great ideas on how to use <a href="http://www.simonsaysstamp.com/servlet/the-42136/TDMK34315-37-lot-of/Detail" target="_blank">Tim Holtz Distress Markers from Ranger</a>? Here&#8217;s two tutorials that will help!</p>
<p>The first is from <a href="http://www.studio490art.blogspot.com/2012/05/tim-holtz-distress-marker-magic.html" target="_blank">the blog of Ranger Senior Educator Wendy Vecchi</a>, and shows a great technique for coloring her <a href="http://www.simonsaysstamp.com/servlet/the-45141/Blossom-Bucket-CREAM-FLOWER/Detail" target="_blank">cream colored Blossom Bucket Trinkets</a> with the pens.  The results are amazing, and the possibilities for creating custom embellishments are endless!</p>
<p>Next up, how about <a href="http://www.jennifermcguireink.com/2012/05/distress-marker-video-giveaway.html" target="_blank">a video from Jennifer McGuire</a>? Jen shows a great technique for using an embossed stamp with Distress Markers and Perfect Pearls to create a very colorful card in a short amount of time.</p>
<p>(Also, I want to say a big congratulations to Jennifer McGuire on her adorable new production! Baby Lila Grace made her debut on, of course, Mother&#8217;s Day. She is absolutely beautiful! Head on over to <a href="http://www.jennifermcguireink.com/2012/05/introducing-lila-grace.html" target="_blank">Jen&#8217;s blog</a> to get a peek at the little cutie and share your congratulations with the family!)</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>Maya Road has announced <a href="http://mayaroad.typepad.com/mayaroad/2012/05/announcing-maya-roads-early-summer-2012-release-and-giveaway.html" target="_blank">their early summer 2012 releases</a>. There&#8217;s a selection of chipboard, including elements, an album and some 3D items, but the most notable is perhaps Maya Road&#8217;s joining the ever-growing hexagon trend sweeping the industry:</p>
<p style="text-align: center;"><a href="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Maya-Road-Hexagons.jpg"><img class="size-full wp-image-25662 aligncenter" title="Maya Road Hexagons" src="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Maya-Road-Hexagons.jpg" alt="" width="269" height="268" /></a></p>
<p>&nbsp;</p>
<p>Another notable piece from their new slate of introductions is the Limited Edition Antique Treasure Buttons, which will be available in Onyx and Diamond. The diamond are pictured here:</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Maya-Road-Limited-Edition.jpg"><img class="aligncenter size-full wp-image-25663" title="Maya Road Limited Edition" src="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Maya-Road-Limited-Edition.jpg" alt="" width="269" height="268" /></a></p>
<p>There&#8217;s new twine cording, embellishments, and stamps, too!</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>Here&#8217;s a treat for digital &amp; hybrid scrapbookers &#8211; the <a href="http://www.designerdigitals.com" target="_blank">Designer Digitals Quarterly sale</a> is going on now! Every item in the Designer Digitals store is 30% through Tuesday, May 22nd.</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>Anyone who is a fan of 6&#215;6 paper pads (like me!) should check out the American Crafts blog this week. They&#8217;ve been doing <a href="http://americancrafts.typepad.com/studio/2012/05/6x6-mini-paper-pads-week.html" target="_blank">a whole series on things you can do with 6&#215;6 paper pads</a>! My favorite is the tutorial about how to <a href="http://americancrafts.typepad.com/studio/2012/05/6x6-mini-paper-pad-layout-tutorial-by-michelle-clement.html" target="_blank">create this gorgeous layout by Michelle Clement</a>:</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Michelle-Clement.jpg"><img class="aligncenter size-full wp-image-25667" title="Michelle Clement layout" src="http://www.scrapbookupdate.com/wp-content/uploads/2012/05/Michelle-Clement.jpg" alt="" width="475" height="467" /></a></p>
<p>There&#8217;s lots of cards and layouts &#8211; and even a canvas &#8211; to get inspiration from in the series. So check it out and then be prepared to head to your favorite store to load up on pads to play with!</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
<p>If the new art journaling trend intrigues you and you want to learn more, there&#8217;s some really great education to be had on Jule Fei-Fan Balzer&#8217;s blog this week! On Thursday she showed about a dozen different <a href="http://balzerdesigns.typepad.com/balzer_designs/2012/05/stencil-hop-wood-parquet.html" target="_blank">things you can do with a single wood parquet stencil design.</a> In her &#8220;<a href="http://balzerdesigns.typepad.com/balzer_designs/2012/05/the-things-you-want-to-learn-part-2.html" target="_blank">The Things You Want To Learn</a>&#8221; piece on Wednesday, she provides an encyclopedia of resources to learn the basics all about various Mixed Media techniques (and even explains the definition of mixed media).</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a><br />
Have something new &amp; noteworthy to share in our weekly noteworthy column? To be considered for next week’s column, email Nancy at nanally@scrapbookupdate.com with a link or press release.</p>
<p><a href="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png"><img class="aligncenter size-full wp-image-11486" title="horizontal line" src="http://www.scrapbookupdate.com/wp-content/uploads/2010/06/horizontal-line.png" alt="" width="599" height="9" /></a></p>
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<p><strong>Want to stay up-to-date on all the latest scrapbook news?</strong></p>
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		<title>Winners &#124; French General by Jolee&#8217;s Boutique</title>
		<link>http://www.scrapbookupdate.com/2012/05/16/winners-french-general-by-jolees-boutique/</link>
		<comments>http://www.scrapbookupdate.com/2012/05/16/winners-french-general-by-jolees-boutique/#comments</comments>
		<pubDate>Thu, 17 May 2012 02:37:48 +0000</pubDate>
		<dc:creator>Nancy Nally</dc:creator>
				<category><![CDATA[Fun]]></category>
		<category><![CDATA[EK Success]]></category>
		<category><![CDATA[Giveaways]]></category>
		<category><![CDATA[Jolee's Boutique]]></category>

		<guid isPermaLink="false">http://www.scrapbookupdate.com/?p=25593</guid>
		<description><![CDATA[It&#8217;s time to announce the winners from last week&#8217;s giveaway! Two Scrapbook Update readers are winning some of the hot new French General collection from Jolee&#8217;s Boutique by EK Success to play with! And the lucky winners are&#8230;. The winner of Package #1 is Becky J (MplsBetty), who posted: Just saw these at Michael’s. Love it. [...]]]></description>
			<content:encoded><![CDATA[<p>It&#8217;s time to announce the winners from last week&#8217;s giveaway! Two Scrapbook Update readers are winning some of the hot new French General collection from Jolee&#8217;s Boutique by EK Success to play with!</p>
<p>And the lucky winners are&#8230;.</p>
<p>The winner of Package #1 is Becky J (MplsBetty), who posted:</p>
<blockquote><p>Just saw these at Michael’s. Love it.</p></blockquote>
<p>The winner of Package #2 is Heather Beasley, who posted:</p>
<blockquote><p>I am lovin’ all the new Jolees. These are going to be a hit!</p></blockquote>
<p>Congratulations to Heather and Becky! You will get an email in a moment with instructions on collecting your prize! Thanks for reading Scrapbook Update!</p>
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		<title>Michaels Stores CEO John Menzer on Medical Leave After Stroke</title>
		<link>http://www.scrapbookupdate.com/2012/05/16/michaels-stores-ceo-john-menzer-on-medical-leave-after-stroke/</link>
		<comments>http://www.scrapbookupdate.com/2012/05/16/michaels-stores-ceo-john-menzer-on-medical-leave-after-stroke/#comments</comments>
		<pubDate>Wed, 16 May 2012 22:35:42 +0000</pubDate>
		<dc:creator>Nancy Nally</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[John Menzer]]></category>
		<category><![CDATA[Michaels Stores]]></category>

		<guid isPermaLink="false">http://www.scrapbookupdate.com/?p=25596</guid>
		<description><![CDATA[Michaels Stores announced today that they are forming an interim Office of the Chief Executive to manage the company in the ongoing absence of CEO John Menzer. The company had previously announced on April 20th that the 60 year old Menzer was hospitalized in stable condition, but they declined at that time to indicate the [...]]]></description>
			<content:encoded><![CDATA[<p>Michaels Stores announced today that they are forming an interim Office of the Chief Executive to manage the company in the ongoing absence of CEO John Menzer.</p>
<p>The company had previously announced on April 20th that the 60 year old Menzer was hospitalized in stable condition, but they declined at that time to indicate the cause of his illness. Today&#8217;s announcement, the first update on his health situation from the company since that day, indicates that Menzer suffered a stroke last month and is in stable condition but is expected to be absent from the company for an extended period of time. The announcement says that the Board of Directors will reevaluate Menzer&#8217;s status periodically. Menzer has been CEO of Michaels Stores, Inc. since 2009.</p>
<p>Menzer has been in the news recently for the role he held previous to his tenure at Michaels, as Vice-Chairman of Wal-Mart. That company is under <a href="http://www.scrapbookupdate.com/2012/04/23/could-wal-mart-bribery-scandal-derail-michaels-ipo/" target="_blank">investigation by the U.S. Department of Justice for the alleged payment of bribes by its Mexican subsidiary</a> during a period of rapid growth in that country. The New York Times named Menzer as one of the key players in the U.S. company&#8217;s cover-up of those alleged actions.</p>
<p>The new Office of the CEO at Michaels Stores, Inc. will consist of Lew Klessel, who is Managing Director with Bain Capital Partners, LLC, and Charles &#8220;Chuck&#8221; Sonsteby, who is Michaels Stores&#8217; Chief Administrative Officer and Chief Financial Officer. Mr. Klessel has also been appointed to the newly-created position of Interim Chief Operating Officer at Michaels. Klessel and Sonsteby, as the Office of the CEO, will temporarily assume Menzer&#8217;s responsibilities as CEO, and will report directly to the Board of Directors.<span id="more-25596"></span></p>
<p>Klessel is the executive at Bain Capital who manages their investment in Michaels Stores, and he also serves as the Bain representative on the Michaels Board of Directors &#8211; which means in his new role in the Office of the CEO that he reports, at least partially, to himself.</p>
<p>It is a sensitive time for the company&#8217;s CEO to be absent, as the company recently announced plans at the end of March to launch a $500 million IPO offering of company stock. The company&#8217;s private equity ownership stressed in the announcement their confidence in the interim leadership:</p>
<p>&#8220;First and foremost, the thoughts of the entire Michaels family continue to be with John and his family during this difficult time and we are all hopeful for his full recovery,&#8221; said Matt Levin, Managing Director with Bain Capital Partners, LLC. &#8220;By establishing the Office of the CEO on an interim basis, we will ensure ongoing leadership continuity for the business.&#8221;</p>
<p>Peter Wallace, Senior Managing Director with The Blackstone Group L.P. added: &#8220;The senior management team has been instrumental in developing new strategies and initiatives to drive the company&#8217;s growth performance and we are completely confident in their ability to continue to drive business results. Lew is a seasoned executive with extensive management and operations experience who, together with Chuck in his expanded role, will ensure the execution of the company&#8217;s strategic plan.&#8221;</p>
<p>A holding company controlled by The Blackstone Group and Bain Capital currently owns approximately 93% of Michaels Stores stock.</p>
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