Content about Blackstone Group

January 20, 2015

Michaels Companies Inc. had plenty to smile about during the 2014 holiday season -- its first holiday season since going public in June. 

Michaels Companies Inc. had plenty to smile about during the 2014 holiday season -- its first holiday season since going public in June.

Net sales for the eleven-week period from Nov. 2 to Jan. 17 increased 3.5% and same-store sales increased 1.5% from the comparable prior year period. For the full fourth quarter of fiscal 2014, net sales are expected to be in the range of about $1.59 billion to $1.6 billion, with an expected increase in same-store sales ranging from 0.8% to 1.2%. Michaels expects operating income to be $286 million to $291 million.

January 28, 2014

The search for a new CEO to lead Crocs is set to intensify now that the iconic footwear manufacturer has resolved its board structure with the addition of two representatives from private equity firm Blackstone Group.

The search for a new CEO to lead Crocs is set to intensify now that the iconic footwear manufacturer has resolved its board structure with the addition of two representatives from private equity firm Blackstone Group.

April 12, 2013

JCPenney is turning to Blackstone Group to help raise cash and better position itself financially, the Wall Street Journal reported.

NEW YORK — JCPenney is turning to Blackstone Group to help raise cash and better position itself financially, the Wall Street Journal reported.

The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.  

April 12, 2013

JCPenney is turning to Blackstone Group to help raise cash and better position itself financially, the Wall Street Journal reported.

NEW YORK — JCPenney is turning to Blackstone Group to help raise cash and better position itself financially, the Wall Street Journal reported.

The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.  

August 23, 2012

Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.

IRVING, Texas — Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.

Net sales for the quarter increased 4.1% to $892 million from $857 million in the second quarter of fiscal 2011.

Net income for the quarter increased 30% to $13 million, and as a percent of net sales increased 20 basis points to 1.4%.
   

July 20, 2012

The nation’s leading arts and crafts retailer is looking for a new top executive after John Menzer resigned to focus on recovery from a stroke.

The nation’s leading arts and crafts retailer is looking for a new top executive after John Menzer resigned to focus on recovery from a stroke.

After Menzer suffered a stroke in April, Michaels created an office of the CEO comprised of Lew Klessel, interim COO and a managing director of Bain Capital, and Chuck Sonsteby, Michael’s chief administrative officer and CFO. The pair will continue to lead the company until Menzer’s successor is hired.