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Report: Michaels seeking up to $528 million in IPO
New York -- Michaels Cos. seeking as much as $528 million in its U.S. initial public offering, Bloomberg reported. The arts and crafts retailer is offering 27.8 million shares at $17 to $19 each, according to a regulatory filing Tuesday.
The IPO is being managed by JPMorgan Chase & Co. and Goldman Sachs Group Inc.
Michaels was taken private in 2006 by Bain Capital and Blackstone Group in a $6 billion leveraged buyout. Each firm will own 40% of the company after the offering, the report said.
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Jeff Koonz, H&M partner for flagship store opening
Swedish clothing retailer H&M will be celebrating the July 17 opening of its museum-inspired Fifth Avenue flagship store with the help of artist Jeff Koons.
The partnership — H&M’s first artist collaboration — will take the form of a handbag that Koons designed in the shape of his famous stainless steel balloon dog sculpture. The handbag will be sold starting July 17 at H7M stores in New York, Dallas, Chicago and Los Angeles.
