Apollo Global Management, Inc. (NYSE:APO) and at least one other private equity firm have expressed interest in acquiring The Michaels Companies, Inc. (NasdaqGS:MIK), the hobby retailer, according to two people familiar with the situation. A buyout would return the retailer to private hands after seven years as a public company. The values of the bids weren't clear.

The people, who requested anonymity because the outreach is still confidential, said it is possible that Michaels would opt against a deal. Michaels did not immediately respond to a request for comment.