Michaels Stores plans to call $200 million 9¼% senior notes in July

By Ted A. Knutson

Washington, April 11 - Michaels Stores, Inc. said it plans to call its entire $200 million principal amount of 9¼% senior notes due July 2009.

Michaels issued the notes in July 2001.

Redeeming the debt will result in a $12.1 million pre-tax charge to earnings.

The Irving, Texas-based arts and crafts chain made the announcement in a 10-K filing with the Securities and Exchange Commission.

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