Arts & crafts retailer Michaels Stores has filed for a $500M IPO under the ticker MIK,...
Friday, March 30, 2012, 4:11 PM ETArts & crafts retailer Michaels Stores has filed for a $500M IPO under the ticker MIK, confirming rumors. Michaels, which is saddled with $3.8B in debt courtesy of P-E owners Blackstone (BX) and Bain, posted 2011 revenue $4.2B (+4% Y/Y) and net income of $176M. Some details from the filing: the U.S. arts & crafts industry grew 11% last year, and Michaels is very reliant on newspaper advertising.
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