Michael Stores buys back $31 million 13% discount notes in quarter

By Toni Weeks

San Diego, Aug. 25 - Michael Stores, Inc. said that during the second quarter of fiscal 2011 ended July 30, it repurchased and subsequently retired $31 million face value, or $29 million accreted value, of its 13% subordinated discount notes due 2016, according to a filing with the Securities and Exchange Commission.

As previously reported, the company repurchased about $93 million principal amount of the 13% notes during the first quarter of fiscal 2011.

The loss on early extinguishment of debt was $4 million during the second quarter and $15 million for the first six months of fiscal 2011.

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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