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<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on June 17, 2005.



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<P align="center" style="font-size: 24pt"><B>MICHAELS STORES, INC.</B>


<DIV align="center" style="font-size: 8pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75-1943604</B><BR>
</TD>
</TR>
<TR>
<TD align="center" valign="top" style="font-size: 8pt">(State or other jurisdiction<BR>
of incorporation or organization)
</TD>
<TD></TD>
<TD align="center" valign="top" style="font-size: 8pt">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>8000 Bent Branch Drive<BR>
Irving, Texas 75063</B><BR>
<DIV align="center" style="font-size: 8pt">(Address of principal executive offices)</DIV>


<P align="center" style="font-size: 10pt"><B>MICHAELS STORES, INC.<BR>
2005 INCENTIVE COMPENSATION PLAN</B>


<DIV align="center" style="font-size: 8pt">(Full title of plan)</DIV>



<P align="center" style="font-size: 10pt"><B>R. Michael Rouleau<BR>
Chief Executive Officer<BR>
Michaels Stores, Inc.<BR>
8000 Bent Branch Drive<BR>
Irving, Texas 75063</B><BR>
<DIV align="center" style="font-size: 8pt">(Name and address of agent for service)</DIV>
<DIV align="center" style="font-size: 10pt"><B>(972)&nbsp;409-1300</B><BR>
<DIV align="center" style="font-size: 8pt">(Telephone number, including area code,<BR>
of agent for service)</DIV>



<P align="center" style="font-size: 10pt"><B>with copies to:</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Mark V. Beasley, Esq.<BR>
Michaels Stores, Inc.<BR>
8000 Bent Branch Drive<BR>
Irving, Texas 75063<BR>
(972)&nbsp;409-1300</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert L. Estep, Esq.<BR>
Jones Day<BR>
2727 North Harwood Street<BR>
Dallas, Texas 75201<BR>
(214)&nbsp;220-3939</B></TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">Title of Each Class of</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">Securities to</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">to be</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registered (1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share (2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price (2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fee (2)</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $0.10 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">300,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">41.76</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">12,528,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,475</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents shares issuable upon exercise of options granted under the Michaels Stores, Inc.
2005 Incentive Compensation Plan (the &#147;Plan&#148;). Pursuant to Rule&nbsp;416, there are also
registered hereunder such indeterminate number of additional shares as may become subject to
awards under the Plan as a result of the antidilution provisions contained therein.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registration fee with respect to these shares has been computed in accordance with
paragraphs (c)&nbsp;and (h)&nbsp;of Rule&nbsp;457, based upon the average of the reported high and low sale
prices of shares of the common stock on the New York Stock Exchange
on June 16, 2005.</TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information called for by Part&nbsp;I of Form S-8 is included in the description of the
Michaels Stores, Inc. 2005 Incentive Compensation Plan (the &#147;Plan&#148;) to be delivered to persons
purchasing shares pursuant to the Plan. Pursuant to the Note to Part&nbsp;I of Form S-8, this
information is not being filed with or included in this registration statement on Form S-8.

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which we have filed with the Securities and Exchange Commission (the
&#147;Commission&#148;), are incorporated by reference into this registration statement:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our annual report on Form 10-K for the fiscal year ended January&nbsp;29, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our quarterly report on Form 10-Q for the fiscal quarter ended April&nbsp;30, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our current reports on Form 8-K filed on April&nbsp;13, 2005
and June 17, 2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our common stock, par value $.10 per share, contained in our
registration statement on Form 8-A (Commission File No.&nbsp;001-09338), filed on December
5, 2001.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">In addition, all documents we subsequently file with the Commission pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold, or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference into this
registration statement and to be a part hereof from the date of filing of such documents. Any
statement contained in later-dated documents supplements, modifies or supersedes statements
contained in earlier-dated documents.


<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our certificate of incorporation limits the liability of our directors for monetary damages
for breach of fiduciary duty to the maximum extent permitted by Delaware law. Delaware law
provides that a director of a corporation will not be personally liable for monetary damages for
breach of that individual&#146;s fiduciary duties as a director except for liability for (a)&nbsp;a breach of
the director&#146;s duty of loyalty to the corporation or its stockholders, (b)&nbsp;any act or omission not
in good faith or that involves intentional misconduct or a knowing violation of the law, (c)
unlawful payments of dividends or unlawful stock repurchases or redemptions, or (d)&nbsp;any transaction
from which the director derived an improper personal benefit. This limitation of liability does
not apply to liabilities arising under federal securities laws and does not affect the availability
of equitable remedies such as injunctive relief or rescission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of the State of Delaware provides that a
corporation may indemnify directors and officers, as well as other employees and individuals,
against attorneys&#146; fees and other expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with any threatened, pending or
completed actions, suits or proceedings in which such person was or is a party or is threatened to
be made a party by reason of such person being or having been a director, officer, employee or
agent of the corporation or serving at the request of a corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
The General Corporation Law of the State of Delaware provides that Section&nbsp;145 is not exclusive of
other rights to which those seeking indemnification may be entitled under any bylaw, agreement,
vote of stockholders or disinterested directors, or otherwise.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our certificate of incorporation requires that we indemnify our directors and officers, and
any other person who is or was serving at our request as a director, officer, employee or agent of
another corporation or of a partnership, joint venture, trust or other enterprise, to the fullest
extent authorized by the General Corporation Law of the State of Delaware. Our certificate of
incorporation also requires that we advance expenses incurred by such a person in connection with
the defense of any action or proceeding arising out of that persons&#146; status or service to us. Our
bylaws require that we indemnify our directors and officers to the fullest extent permitted by the
General Corporation Law of the State of Delaware and may, if and to the extent authorized by our
board of directors, so indemnify any other person whom we have the power to indemnify against any
liability, expense or other matter whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have entered into indemnity agreements with certain of our executive officers
and directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have procured insurance that purports (a)&nbsp;to insure us against certain costs of
indemnification that may be incurred by us pursuant to the provisions referred to above or
otherwise and (b)&nbsp;to insure our directors and officers against certain liabilities incurred by them
in the discharge of their functions as directors and officers except for liabilities arising from
their own malfeasance.

<!-- link2 "Item&nbsp;8. Exhibits." -->

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a list of all exhibits filed as a part of this registration statement on Form
S-8, including those incorporated herein by reference.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restated Certificate of Incorporation of Michaels Stores, Inc.
(previously filed as Exhibit&nbsp;3.1 to Form&nbsp;8-K, Commission File No.
001-09338, filed by the Registrant on July&nbsp;7, 2004, and
incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;3.2 to Form
8-K, Commission File No.&nbsp;001-09338, filed by the Registrant on
July&nbsp;7, 2004, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc., as amended (previously filed as Exhibit
3.3 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338, filed by the
Registrant on July&nbsp;7, 2004, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to the Restated Certificate of
Incorporation of Michaels Stores, Inc. (previously filed as
Exhibit&nbsp;3.4 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338, filed by
the Registrant on July&nbsp;7, 2004, and incorporated herein by
reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Bylaws of Michaels Stores, Inc. (previously
filed as Exhibit&nbsp;3.5 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338,
filed by the Registrant on July&nbsp;7, 2004, and incorporated herein
by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form
of Common Stock Certificate (previously filed as Exhibit&nbsp;4.1
to Form&nbsp;10-K for the fiscal year ended February&nbsp;1, 2003, Commission File No.&nbsp;001-09338, filed by the
Registrant on April&nbsp;11, 2003, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Jones Day.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Jones Day (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of attorney (included on signature pages).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michaels Stores, Inc. 2005 Incentive Compensation Plan (previously
filed as Exhibit 10.1 to the form 8-K, Commission File No.
001-09338, filed by the Registrant on June 17, 2005, and
incorporated herein by reference)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of a
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any material information with respect to the plan
of distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt"><I>Provided, however</I>, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant pursuant to
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this registration statement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this registration statement shall
be deemed to be a new registration statement relating to the securities</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final
adjudication of such issue.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<!-- link1 "SIGNATURES" -->

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Irving, State of Texas, on this 17th day of June,
2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MICHAELS STORES, INC. <BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey N. Boyer
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey N. Boyer</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President -
Chief<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below authorizes R. Michael Rouleau, Jeffrey N.
Boyer, Christopher J. Holland and Mark V. Beasley, and each of them, as attorneys-in-fact and
agents for each of them (with full power of substitution and resubstitution), for and in the name,
place and stead of such individual, to sign and file with the Securities and Exchange Commission
any and all amendments, supplements and exhibits to, and documents in connection with, this
registration statement, including post-effective amendments, hereby granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing necessary, appropriate or desirable to be done in order to effectuate the same
as fully and to all intents and purposes as each of the undersigned might or could do if personally
present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, or any of their substitutes, may do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities and on the dates indicated.



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">TITLE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">DATE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles J. Wyly, Jr.
<HR size="1" noshade color="#000000">
Charles J. Wyly, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the
Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 16, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Sam Wyly
<HR size="1" noshade color="#000000">
Sam Wyly</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Vice Chairman of the
Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ R. Michael Rouleau
<HR size="1" noshade color="#000000">
R. Michael Rouleau</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Executive Officer
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 5, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Jeffrey N. Boyer
<HR size="1" noshade color="#000000">
Jeffrey N. Boyer</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Executive Vice President -
Chief Financial Officer
(Principal Financial and
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 17, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Richard E. Hanlon
<HR size="1" noshade color="#000000">
Richard E. Hanlon</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 15, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Richard C. Marcus
<HR size="1" noshade color="#000000">
Richard C. Marcus</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 16, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Liz Minyard
<HR size="1" noshade color="#000000">
Liz Minyard</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 16, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Cece Smith
<HR size="1" noshade color="#000000">
Cece Smith</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 16, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restated Certificate of Incorporation of Michaels Stores, Inc.
(previously filed as Exhibit&nbsp;3.1 to Form&nbsp;8-K, Commission File No.
001-09338, filed by the Registrant on July&nbsp;7, 2004, and
incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;3.2 to Form
8-K, Commission File No.&nbsp;001-09338, filed by the Registrant on
July&nbsp;7, 2004, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc., as amended (previously filed as Exhibit
3.3 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338, filed by the
Registrant on July&nbsp;7, 2004, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Amendment to the Restated Certificate of
Incorporation of Michaels Stores, Inc. (previously filed as
Exhibit&nbsp;3.4 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338, filed by
the Registrant on July&nbsp;7, 2004, and incorporated herein by
reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Bylaws of Michaels Stores, Inc. (previously
filed as Exhibit&nbsp;3.5 to Form&nbsp;8-K, Commission File No.&nbsp;001-09338,
filed by the Registrant on July&nbsp;7, 2004, and incorporated herein
by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Common Stock Certificate (previously filed as Exhibit&nbsp;4.1
to Form&nbsp;10-K for the fiscal year ended February&nbsp;1, 2003, Commission File No.&nbsp;001-09338, filed by the
Registrant on April&nbsp;11, 2003, and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Jones Day.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Jones Day (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of attorney (included on signature pages).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michaels Stores, Inc. 2005 Incentive Compensation Plan (previously
filed as Exhibit&nbsp;10.1 to the form 8-K, Commission File No.
001-09338, filed by the Registrant on June&nbsp;17, 2005, and
incorporated herein by reference)</DIV></TD>
</TR>
<!-- End Table Body -->
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<P align="center" style="font-size: 10pt">6
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[{"type": "S-8", "sequence": "1", "filename": "c96036sv8.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 53212}]
{"company-data": {"conformed-name": "MICHAELS STORES INC", "cik": "0000740670", "assigned-sic": "5945", "irs-number": "751943604", "state-of-incorporation": "DE", "fiscal-year-end": "0201"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125932", "film-number": "05903790"}, "business-address": {"street1": "8000 BENT BRANCH DR", "street2": "********", "city": "IRVING", "state": "TX", "zip": "75063", "phone": "(972)409-1300"}, "mail-address": {"street1": "PO BOX 619566", "city": "DFW", "state": "TX", "zip": "75261-9566"}}
sv8
As filed with the
Securities and Exchange Commission on June 17, 2005.
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
MICHAELS STORES, INC.
(Exact name of registrant as specified in its charter)
Delaware
75-1943604
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
8000 Bent Branch Drive
Irving, Texas 75063
(Address of principal executive offices)
MICHAELS STORES, INC.
2005 INCENTIVE COMPENSATION PLAN
(Full title of plan)
R. Michael Rouleau
Chief Executive Officer
Michaels Stores, Inc.
8000 Bent Branch Drive
Irving, Texas 75063
(Name and address of agent for service)
(972) 409-1300
(Telephone number, including area code,
of agent for service)
with copies to:
Mark V. Beasley, Esq.
Michaels Stores, Inc.
8000 Bent Branch Drive
Irving, Texas 75063
(972) 409-1300
Robert L. Estep, Esq.
Jones Day
2727 North Harwood Street
Dallas, Texas 75201
(214) 220-3939
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Title of Each Class of
Amount
Offering
Aggregate
Amount of
Securities to
to be
Price per
Offering
Registration
be Registered
Registered (1)
Share (2)
Price (2)
Fee (2)
Common Stock, par value $0.10 per share
300,000
$
41.76
$
12,528,000
$
1,475
1.
Represents shares issuable upon exercise of options granted under the Michaels Stores, Inc.
2005 Incentive Compensation Plan (the "Plan"). Pursuant to Rule 416, there are also
registered hereunder such indeterminate number of additional shares as may become subject to
awards under the Plan as a result of the antidilution provisions contained therein.
2.
The registration fee with respect to these shares has been computed in accordance with
paragraphs (c) and (h) of Rule 457, based upon the average of the reported high and low sale
prices of shares of the common stock on the New York Stock Exchange
on June 16, 2005.
EXPLANATORY NOTE
The information called for by Part I of Form S-8 is included in the description of the
Michaels Stores, Inc. 2005 Incentive Compensation Plan (the "Plan") to be delivered to persons
purchasing shares pursuant to the Plan. Pursuant to the Note to Part I of Form S-8, this
information is not being filed with or included in this registration statement on Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, which we have filed with the Securities and Exchange Commission (the
"Commission"), are incorporated by reference into this registration statement:
(a)
Our annual report on Form 10-K for the fiscal year ended January 29, 2005;
(b)
Our quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2005;
(c)
Our current reports on Form 8-K filed on April 13, 2005
and June 17, 2005; and
(d)
The description of our common stock, par value $.10 per share, contained in our
registration statement on Form 8-A (Commission File No. 001-09338), filed on December
5, 2001.
In addition, all documents we subsequently file with the Commission pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold, or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference into this
registration statement and to be a part hereof from the date of filing of such documents. Any
statement contained in later-dated documents supplements, modifies or supersedes statements
contained in earlier-dated documents.
Item 6. Indemnification of Directors and Officers.
Our certificate of incorporation limits the liability of our directors for monetary damages
for breach of fiduciary duty to the maximum extent permitted by Delaware law. Delaware law
provides that a director of a corporation will not be personally liable for monetary damages for
breach of that individual's fiduciary duties as a director except for liability for (a) a breach of
the director's duty of loyalty to the corporation or its stockholders, (b) any act or omission not
in good faith or that involves intentional misconduct or a knowing violation of the law, (c)
unlawful payments of dividends or unlawful stock repurchases or redemptions, or (d) any transaction
from which the director derived an improper personal benefit. This limitation of liability does
not apply to liabilities arising under federal securities laws and does not affect the availability
of equitable remedies such as injunctive relief or rescission.
Section 145 of the General Corporation Law of the State of Delaware provides that a
corporation may indemnify directors and officers, as well as other employees and individuals,
against attorneys' fees and other expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with any threatened, pending or
completed actions, suits or proceedings in which such person was or is a party or is threatened to
be made a party by reason of such person being or having been a director, officer, employee or
agent of the corporation or serving at the request of a corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
The General Corporation Law of the State of Delaware provides that Section 145 is not exclusive of
other rights to which those seeking indemnification may be entitled under any bylaw, agreement,
vote of stockholders or disinterested directors, or otherwise.
Our certificate of incorporation requires that we indemnify our directors and officers, and
any other person who is or was serving at our request as a director, officer, employee or agent of
another corporation or of a partnership, joint venture, trust or other enterprise, to the fullest
extent authorized by the General Corporation Law of the State of Delaware. Our certificate of
incorporation also requires that we advance expenses incurred by such a person in connection with
the defense of any action or proceeding arising out of that persons' status or service to us. Our
bylaws require that we indemnify our directors and officers to the fullest extent permitted by the
General Corporation Law of the State of Delaware and may, if and to the extent authorized by our
board of directors, so indemnify any other person whom we have the power to indemnify against any
liability, expense or other matter whatsoever.
In addition, we have entered into indemnity agreements with certain of our executive officers
and directors.
We have procured insurance that purports (a) to insure us against certain costs of
indemnification that may be incurred by us pursuant to the provisions referred to above or
otherwise and (b) to insure our directors and officers against certain liabilities incurred by them
in the discharge of their functions as directors and officers except for liabilities arising from
their own malfeasance.
Item 8. Exhibits.
The following is a list of all exhibits filed as a part of this registration statement on Form
S-8, including those incorporated herein by reference.
Exhibit
Number
Description of Exhibit
4.1
Restated Certificate of Incorporation of Michaels Stores, Inc.
(previously filed as Exhibit 3.1 to Form 8-K, Commission File No.
001-09338, filed by the Registrant on July 7, 2004, and
incorporated herein by reference).
4.2
Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc. (previously filed as Exhibit 3.2 to Form
8-K, Commission File No. 001-09338, filed by the Registrant on
July 7, 2004, and incorporated herein by reference).
4.3
Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc., as amended (previously filed as Exhibit
3.3 to Form 8-K, Commission File No. 001-09338, filed by the
Registrant on July 7, 2004, and incorporated herein by reference).
4.4
Certificate of Amendment to the Restated Certificate of
Incorporation of Michaels Stores, Inc. (previously filed as
Exhibit 3.4 to Form 8-K, Commission File No. 001-09338, filed by
the Registrant on July 7, 2004, and incorporated herein by
reference).
4.5
Amended and Restated Bylaws of Michaels Stores, Inc. (previously
filed as Exhibit 3.5 to Form 8-K, Commission File No. 001-09338,
filed by the Registrant on July 7, 2004, and incorporated herein
by reference).
4.6
Form
of Common Stock Certificate (previously filed as Exhibit 4.1
to Form 10-K for the fiscal year ended February 1, 2003, Commission File No. 001-09338, filed by the
Registrant on April 11, 2003, and incorporated herein by reference).
5.1
Opinion of Jones Day.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones Day (included in Exhibit 5.1).
2
Exhibit
Number
Description of Exhibit
24.1
Power of attorney (included on signature pages).
99.1
Michaels Stores, Inc. 2005 Incentive Compensation Plan (previously
filed as Exhibit 10.1 to the form 8-K, Commission File No.
001-09338, filed by the Registrant on June 17, 2005, and
incorporated herein by reference)
Item 9. Undertakings.
A.
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii)
to reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of a
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement; and
(iii)
to include any material information with respect to the plan
of distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement.
Provided, however
, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
B.
The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and where applicable, each
filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this registration statement shall
be deemed to be a new registration statement relating to the securities
3
offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
C.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Irving, State of Texas, on this 17th day of June,
2005.
MICHAELS STORES, INC.
By:
/s/ Jeffrey N. Boyer
Jeffrey N. Boyer
Executive Vice President -
Chief
Financial Officer
Each person whose signature appears below authorizes R. Michael Rouleau, Jeffrey N.
Boyer, Christopher J. Holland and Mark V. Beasley, and each of them, as attorneys-in-fact and
agents for each of them (with full power of substitution and resubstitution), for and in the name,
place and stead of such individual, to sign and file with the Securities and Exchange Commission
any and all amendments, supplements and exhibits to, and documents in connection with, this
registration statement, including post-effective amendments, hereby granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing necessary, appropriate or desirable to be done in order to effectuate the same
as fully and to all intents and purposes as each of the undersigned might or could do if personally
present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, or any of their substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities and on the dates indicated.
SIGNATURES
TITLE
DATE
/s/ Charles J. Wyly, Jr.
Charles J. Wyly, Jr.
Chairman of the
Board of Directors
June 16, 2005
/s/ Sam Wyly
Sam Wyly
Vice Chairman of the
Board of Directors
June 13, 2005
/s/ R. Michael Rouleau
R. Michael Rouleau
Chief Executive Officer
(Principal Executive Officer)
June 5, 2005
/s/ Jeffrey N. Boyer
Jeffrey N. Boyer
Executive Vice President -
Chief Financial Officer
(Principal Financial and
Accounting Officer)
June 17, 2005
/s/ Richard E. Hanlon
Richard E. Hanlon
Director
June 15, 2005
/s/ Richard C. Marcus
Richard C. Marcus
Director
June 16, 2005
/s/ Liz Minyard
Liz Minyard
Director
June 16, 2005
/s/ Cece Smith
Cece Smith
Director
June 16, 2005
5
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibit
4.1
Restated Certificate of Incorporation of Michaels Stores, Inc.
(previously filed as Exhibit 3.1 to Form 8-K, Commission File No.
001-09338, filed by the Registrant on July 7, 2004, and
incorporated herein by reference).
4.2
Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc. (previously filed as Exhibit 3.2 to Form
8-K, Commission File No. 001-09338, filed by the Registrant on
July 7, 2004, and incorporated herein by reference).
4.3
Certificate of Amendment to Restated Certificate of Incorporation
of Michaels Stores, Inc., as amended (previously filed as Exhibit
3.3 to Form 8-K, Commission File No. 001-09338, filed by the
Registrant on July 7, 2004, and incorporated herein by reference).
4.4
Certificate of Amendment to the Restated Certificate of
Incorporation of Michaels Stores, Inc. (previously filed as
Exhibit 3.4 to Form 8-K, Commission File No. 001-09338, filed by
the Registrant on July 7, 2004, and incorporated herein by
reference).
4.5
Amended and Restated Bylaws of Michaels Stores, Inc. (previously
filed as Exhibit 3.5 to Form 8-K, Commission File No. 001-09338,
filed by the Registrant on July 7, 2004, and incorporated herein
by reference).
4.6
Form of Common Stock Certificate (previously filed as Exhibit 4.1
to Form 10-K for the fiscal year ended February 1, 2003, Commission File No. 001-09338, filed by the
Registrant on April 11, 2003, and incorporated herein by reference).
5.1
Opinion of Jones Day.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones Day (included in Exhibit 5.1).
24.1
Power of attorney (included on signature pages).
99.1
Michaels Stores, Inc. 2005 Incentive Compensation Plan (previously
filed as Exhibit 10.1 to the form 8-K, Commission File No.
001-09338, filed by the Registrant on June 17, 2005, and
incorporated herein by reference)
6