Michaels shares rose $4.54, or 13.4 percent, to $38.50 in premarket activity. The stock hit a 52-week low of $30.38 in October 2005 and has traded in the low $30-range since the start of the year.
Michaels said its decision to put itself up for sale as part of its broader exploration of its strategic options was driven by a desire to boost shareholder value and improve its financial performance.
The retailer said it would leave the CEO post vacant, and named Jeffrey N. Boyer and Gregory A. Sandfort as co-presidents to succeed Rouleau in that position. The company said Rouleau was leaving "after a decade of exemplary service."
Boyer was previously executive vice president and chief financial officer, while Sandfort was formerly executive vice president and general merchandise manager.
Boyer will continue to hold the finance chief's post, while Sandfort will take on the role of chief operating officer. Both co-presidents will report to Charles J. Wyly Jr., chairman of the board.
Michaels said it hired investment bank JPMorgan (JPM) as its financial adviser as it reviews its options, a process it said would take a number of months.
Michaels Stores owns and operates 896 Michaels stores in 48 states and Canada, 165 Aaron Brothers stores, 11 Recollections stores and four Star Wholesale operations.