Michaels has tepid return to public stock market

The arts and crafts store operator’s shares closed up 2 cents to $17.02 in trading on the Nasdaq, after falling as much as 2 percent earlier.
By ANNE D’INNOCENZIO, AP Retail Writer Published: June 27, 2014
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Michaels had a tepid return to the stock market Friday, its shares going back and forth between small gains and declines.

The arts and crafts store operator’s shares closed up 2 cents to $17.02 in trading on the Nasdaq, after falling as much as 2 percent earlier.

The lackluster response shows investors are wary of retailing and the fragmented $30 billion arts and crafts industry.

Michaels Cos. Inc., which also runs the Aaron Brothers chain, priced an initial public offering of 27.8 million shares at $17 each, at the low end of its predicted range. The Irving, Texas, company raised $472 million from the offering.

Associated Press