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MIK - Michaels: Leverage Concerns Should And Could Be Addressed
The Michaels Companies Inc.
Michaels (MIK) has been a name which I have avoided since the company went public in summer of 2014. At the time I observed that the public offering has been a disappointment as appeal for leveraged private equity IPOs was low.
A strong leadership position in arts and crafts retail is actually quite appealing, yet a 2006 leveraged buyout by Bain and Blackstone meant that Michaels has been way too overleveraged, even after the 2014 public offering.
The company has seen fairly stable operations ever since, although sales and earnings have come under