Arts and crafts retailer Michael’s has filed with the U.S. Securities and Exchange Commission for an initial public offering. Michaels Stores hopes to raise $500 million dollars and didn’t specify the number of shares it plans to sell. The amount is a placeholder used to calculate fees and may change.The arts and crafts retailer had sales of $4.2 billion in the year ended January 28, 2012 with almost 1,200 locations. It was bought by Blackstone Group LP and Bain Capital in 2006 in a deal valued at about $6 billion.The stock will be listed on the New York Stock Exchange under the symbol MIK. J.P. Morgan Chase and Goldman Sachs are managing the IPO.