<P> In July 2012, the IPO was "put on hold indefinitely" after CEO Menzer had a stroke . </P> <P> In June 2014, a $528 million IPO valuing the company overall at $3.86 billion . was announced, with pricing expected late in the month . "Bain and Blackstone...will own about 40 per cent of the company each after the IPO" and the company will still have a "$3.7 bn debt pile, which includes $1.6 bn of variable rate debt", according to the Financial Times . </P> <P> In April 2012, Chief Executive John Menzer suffered a stroke . The IPO was postponed in July 2012 and later in the month Menzer retired . </P> <P> In Menzer's absence, Lew Klessel, Bain managing director, and Charles Sonsteby, Michaels' chief administrative officer and chief financial officer, served in a temporary Office of CEO . In February 2013, Chuck Rubin was appointed CEO . Rubin was president and CEO of personal - care specialty retailer Ulta Beauty at the time of his appointment and had previously been with Office Depot and Accenture . The Michaels Office of CEO was discontinued when Rubin assumed his position later in February and Sonsteby continued as CAO / CFO . </P>

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