Reuters: Private Equity: UPDATE 1-Michaels CEO hospitalized, in stable condition

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UPDATE 1-Michaels CEO hospitalized, in stable condition Apr 20th 2012, 16:23 April 20 | Fri Apr 20, 2012 12:23pm EDT April 20 (Reuters) - Michaels Stores Inc said on Friday that Chief Executive Officer John Menzer had been hospitalized due to an undisclosed medical condition and was stable. The arts and crafts retailer is currently owned by investment firms Bain Capital Partners LLC and Blackstone Group LP. Last month, Michaels filed for an initial public offering of up to $500 million that would bring it back to the public market. "We have complete confidence in the management team to execute Michaels' strategy and run the day-to-day business during his absence," Peter Wallace, senior managing director with Blackstone, said in a statement. Details on Menzer's condition were not disclosed.

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