Michaels Stores repurchases $115 million of 13% discount notes

By Toni Weeks

San Diego, May 26 - Michaels Stores, Inc. said that during the first quarter of fiscal 2011, it repurchased about $93 million principal amount of its 13% subordinated discount notes, which were subsequently retired.

According to a news release, the company also repurchased an additional $22 million principal amount of 13% subordinated discount notes subsequent to the fiscal first quarter, which ended April 30.

Michaels Stores is an Irving, Texas-based retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.

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