Report: Michaels seeking up to $528 million in IPO
New York — Michaels Cos. seeking as much as $528 million in its U.S. initial public offering, Bloomberg reported. The arts and crafts retailer is offering 27.8 million shares at $17 to $19 each, according to a regulatory filing Tuesday.
The IPO is being managed by JPMorgan Chase & Co. and Goldman Sachs Group Inc.
Michaels was taken private in 2006 by Bain Capital and Blackstone Group in a $6 billion leveraged buyout. Each firm will own 40% of the company after the offering, the report said.
Michaels operates 1,263 stores in the U.S. and recorded $4.6 billion in sales in fiscal 2013.
Report: Target testing in-store college registries
New York — Target is testing a registry program designed specifically for students heading off to college, according to a report by TheStreet. The college registry, available in some 40 stores, offers a variety of categories, including furniture, storage & organization, electronics, décor, bedding and bath.
The new service is high-tech and student friendly, using iPads instead of in-store kiosks. To select items throughout the store, the customer uses an iPod Touche instead of the typical scanning gun.
The service allows shoppers to order products from Target’s website on a recurring schedule and have the items delivered directly to the student, TheStreet said.
7-Eleven in Australia taps Wipro
Sydney, Australia — Wipro Ltd. announced that it has won a “transformational IT applications and infrastructure engagement” from 7-Eleven in Australia.
The solution is aimed at paving the way for a company-wide retail process re-engineering at 7-Eleven to enable it to launch new merchandise categories, improve the efficiency of existing merchandise categories, initiate real-time targeted promotions, and easily on-board new processes during mergers and acquisitions. All of these will result in an enhanced experience for the customers of 7-Eleven in Australia, Wipro said.
The integrated engagement includes the upgrade, migration and consolidation of 7-Eleven’s IT applications and infrastructure, which will help improve speed and agility of its go-to-market initiatives. Wipro will implement SAP Business Suite powered by SAP HANA for this project, making this one of the first implementations of the SAP for retail solution portfolio on the SAP HANA platform across Asia Pacific & Japan.
The aim of this project is to improve business functionality at 7-Eleven through the deployment of a consolidated, real-time transactional and reporting infrastructure. Powered by the cutting-edge SAP HANA platform, it will also set the foundation for predictive customer analytics, to forecast and manage the retailer’s future business requirements.
Michael Peck, CIO for 7-Eleven, said: “Wipro has been a strategic technology partner to 7-Eleven since November 2012, and is working with 7-Eleven to deliver a number of transformational technology projects. One of these projects is the implementation of new infrastructure so we can flex our development environments on demand to support multiple business initiatives. In addition, we are upgrading our current IT environment to run the latest versions of SAP software, including implementing SAP Business Suite powered by SAP HANA. We are pleased to be working with Wipro on this project, which we anticipate will deliver positive outcomes for our franchisees and customers."