Dec. 20, 2013, 7:01 p.m. EST
Michaels Stores reorganizes IPO plans
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By Anna Prior and Michael Calia
Michaels Stores Inc. has reorganized its plans for its public trading debut.
The arts-and-crafts retailer initially withdrew its delayed initial public offering on Friday, citing its July reorganization, which created an indirect parent holding company called The Michaels Companies Inc., as the reason for the withdrawal.
Michaels Companies, meanwhile, filed for an IPO of up to $500 million in common stock. The timing, number of shares to be sold and the price range for the proposed offering haven’t yet been determined.
Michaels was taken private in 2006 by a group of buyout firms led by Bain Capital and Blackstone Group LP BX +0.20% .
The company filed for an IPO of up to $500 million in March 2012. Later in 2012, however, the retailer postponed its IPO while then-Chief Executive John Menzer suffered a stroke. Mr. Menzer later stepped down.
Michaels earlier this month posted a 66% jump in fiscal third-quarter profit as sales and transactions increased.