Charles Wyly, a co-founder of the Michaels Stores Inc. retail chain and major donor to Republican campaigns who was fighting fraud and insider-trading accusations by the U.S. Securities and Exchange Commission, has died following a car accident in western Colorado. He was 77.
He was turning onto a highway near the local airport when his Porsche was hit by a sport-utility vehicle yesterday, the Associated Press reported, citing a statement by the Colorado State Patrol. Wyly died at Aspen Valley Hospital.
Wyly and his younger brother, Sam, 76, each served as chairman of Irving, Texas-based Michaels Stores, which sells arts and crafts in more than 1,000 outlets around the U.S. and Canada. In 2006, Bain Capital LLC and the Blackstone Group acquired Michaels in a transaction valued at $6 billion. For the complete story go to http://www.bloomberg.com/news/2011-08-08/charles-wyly-michaels-stores-co-founder-dies-in-car-collision.html