Published : Wednesday, March 28, 2018 | 4:24 PM
Ninety-four Aaron Brothers framing stores — including the store located at 326 S. Lake Avenue in Pasadena — will close their doors by summer and move to a “store-within-a-store” concept, providing custom framing services in Michaels stores.
The arts and crafts retailer, who purchased Aaron Brothers in 1995, detailed the shutdowns in regulatory filings.
In 1995, Aaron Brothers had 71 stores, and Michaels grew it over the years. However, the number has been declining steadily since. In 2013, Michaels operated 125 Aaron Brothers stores. By the end of 2016, that number had dwindled to 117. Just one year later, 97 stores were still in business.
“In fiscal 2017, Aaron Brothers net sales totaled approximately $110 million and had no material impact on the company’s operating income,” Michaels stated. By comparison, over the same one-year period, Michaels captured profits of $380.9 million on revenue of $5.22 billion.
“We expect the closure process to be substantially completed by July 31, 2018,” Michaels said in the regulatory documents.
Michaels will also rebrand its Framerspointe.com website as AaronBrothers.com and offer Aaron Brothers’ products online.
Micheals is located at 1155 E Colorado Boulevard in Pasadena.