Billionaire entrepreneur Charles Wyly, former chairman of arts and crafts retail chain Michaels Stores Inc., died Sunday August 7th after suffering injuries in a car crash in Colorado. He was 77. Wyly and his brother, Sam, bought a controlling interest in Michaels in 1982; Affiliates of two private investment firms, Bain Capital Partners LLC and The Blackstone Group LP, bought the majority of Michaels’ common stock in 2006 for about $6 billion. Wyly was involved in numerous philanthropic efforts in Dallas. Outside business and philanthropic circles, the Wyly brothers are known for their contributions to Republican political candidates and causes. Our condolences go out to the Wyly family.
Anne Marie Moesch, Senior Product Manager at ColArt Americas for the past 7 years, has left the company to take a position in product management at the Fisher-Price division of Mattel in its New York City office. All the best, Anne Marie! (Thanks Facebook for up to the minute news!)
David Goldstein of The Jerry’s Artarama Company reports the chain’s plans to open a new store in Lawrenceville NJ before the end of 2011, close to the Joe Teti’s venerable Triangle Art.
Crescent has hired Jim Samoska, formerly with Elmer’s to head its national sales effort for the art materials division.
In September Blick will be opening a new large store in Cambridge, MA at 619 Massachusetts Ave.