Dive Summary:

• On Wednesday morning, arts and crafts retailer Michaels reported that fourth quarter profits increased 15% over the same quarter last year to $112 million, and that it cut its debt by $449 million last year.
• The chain announced last month that it hired Carl "Chuck" Rubin, formerly president and CEO of Ulta Salon, Cosmetics & Fragrance Inc., to serve as its new chief executive, and his hiring is expected to move plans for an IPO forward.
• Plans for an IPO were first announced in March 2012 and placed on hold following former CEO John Menzer's resignation last year.

From the article:

As it prepares for an IPO, Irving-based Michaels Stores Inc. on Wednesday reported a fourth-quarter profit increase of 15 percent while it cut its debt by $449 million last year. ...