Texas-based Michaels Stores Reorganizes IPO Plans

(RTTNews) - According to its Securities and Exchange Commission or SEC filing, Michaels Stores, Inc. (MIK) has reorganized its plans for its public trading debut. The Irving, Texas-based retailer initially withdrew its delayed initial public offering or IPO on Friday, December 20, referring to its reorganization in July 2013, under which it established an indirect parent holding company, The Michaels Companies, Inc., as the reason for the withdrawal. The firm confirmed that no securities were sold pursuant to the Registration Statement.

Michaels Companies filed an IPO of up to $500 million in common stock, The Wall Street Journal reported. The timing, number of shares to be sold and the price range for the proposed offering have not been determined.