Michaels Stores Prepares for IPO
Michaels Stores, the privately held specialty arts and crafts retailer that operates more than 1,100 locations in the U.S. and Canada, is planning a public stock offering, according to published reports. The retailer had $4.21 billion in sales during the fiscal year that ended January 28, 2012, a 4.4% increase over the previous year that was fed by a 3.2% jump in same-store sales.
Founded in 1976, Michaels Stores was purchased in 2006 by private equity firms Bain Capital and Blackstone Group in a deal valued at $6 billion. These firms have now hired Goldman Sachs and JP Morgan Chase to underwrite the IPO, and the retailer plans to file documents with the Securities and Exchange Commission detailing its intentions within two weeks, according to sources quoted in published reports.
The retailer currently operates 1,066 Michaels stores in 49 states and Canada and 130 Aaron Brothers stores, and plans to open 45 to 50 new stores in fiscal 2012.
Founded in 1976, Michaels Stores was purchased in 2006 by private equity firms Bain Capital and Blackstone Group in a deal valued at $6 billion. These firms have now hired Goldman Sachs and JP Morgan Chase to underwrite the IPO, and the retailer plans to file documents with the Securities and Exchange Commission detailing its intentions within two weeks, according to sources quoted in published reports.
The retailer currently operates 1,066 Michaels stores in 49 states and Canada and 130 Aaron Brothers stores, and plans to open 45 to 50 new stores in fiscal 2012.