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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on March&nbsp;8, 2002.  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>MICHAELS STORES,&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>75-1943604</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>8000 Bent Branch Drive<BR>
Irving, Texas 75063</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>MICHAELS STORES,&nbsp;INC.<BR>
2001 GENERAL<BR>
STOCK OPTION PLAN<BR>  </B></FONT><FONT SIZE=1>(Full title of plan) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>R. Michael Rouleau</B></FONT><BR><FONT SIZE=1><B>Chief Executive Officer<BR>
Michaels Stores,&nbsp;Inc.<BR>
8000 Bent Branch Drive<BR>
Irving, Texas 75063<BR>
P.O.&nbsp;Box 619566<BR>
DFW, Texas 75261-9566<BR>  </B></FONT><FONT SIZE=1>(Name and address of agent for service)<BR></FONT> <FONT SIZE=1><B>(972)&nbsp;409-1300</B></FONT><FONT SIZE=1><BR>
(Telephone number, including area code,<BR>
of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>with copies to:</B></FONT></P>

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<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>Mark V. Beasley, Esq.<BR> </B></FONT><FONT SIZE=1><B>Michaels Stores, Inc.<BR>
8000 Bent Branch Drive<BR>
Irving, Texas 75063<BR>
(972) 409-1300</B></FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>Robert L. Estep, Esq.<BR> </B></FONT><FONT SIZE=1><B>Jones, Day, Reavis &amp; Pogue<BR>
2727 North Harwood Street<BR>
Dallas, Texas 75201<BR>
(214) 220-3939<BR> </B></FONT></TD>
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<TH COLSPAN=9 ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE</B></FONT><HR NOSHADE><BR></TH>
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<TD WIDTH="36%" VALIGN="BOTTOM"><FONT SIZE=1><B>Title of Securities to be Registered</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount to be Registered</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum Offering Price Per Share (2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price (2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount of Registration Fee (2)</B></FONT></TD>
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<TD WIDTH="36%"><FONT SIZE=2>Common Stock, par value $.10 per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$31.25</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$1,093,750</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$101</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Represents
shares issuable upon exercise of options granted under the Michaels Stores,&nbsp;Inc. 2001 General Stock Option Plan (the "Plan"). 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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>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 March&nbsp;1, 2002. </FONT></DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>EXPLANATORY NOTE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information called for by Part&nbsp;I of Form&nbsp;S-8 is included in the description of the Michaels Stores,&nbsp;Inc. 2001 General Stock
Option Plan (the "Plan") to be delivered to persons purchasing shares pursuant to the Plan. Pursuant to the Note to Part&nbsp;I of Form&nbsp;S-8, this information is not being filed
with or included in this registration statement on Form&nbsp;S-8. </FONT></P>

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NAME="bg1179_part_ii_information_req__bg102474"> </A>
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<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    INFORMATION REQUIRED IN THE REGISTRATION STATEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement on Form&nbsp;S-8 incorporates by reference the contents of the registration statement on Form&nbsp;S-8
(Registration No.&nbsp;333-71054) we filed on October&nbsp;5, 2001, relating to the Plan, with the exception of Item 3 and Item 8 of Part&nbsp;II of such prior registration
statement, each of which is amended and restated in its entirety as set forth below: </FONT></P>

<UL>

<P><FONT SIZE=2><B> Item 3. Incorporation of Documents by Reference.  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which we have filed with the Securities and Exchange Commission (the "Commission"), are incorporated by reference into this registration
statement: </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Our
annual report on Form&nbsp;10-K for the fiscal year ended February&nbsp;3, 2001;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Our
quarterly reports on Form&nbsp;10-Q for the fiscal quarters ended May&nbsp;5, 2001, August&nbsp;4, 2001 and November&nbsp;3, 2001;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Our
current reports on Form&nbsp;8-K dated June&nbsp;19, 2001, July&nbsp;6, 2001, July&nbsp;9, 2001, July&nbsp;27, 2001, September&nbsp;20, 2001,
October&nbsp;31, 2001, February&nbsp;1, 2002, February&nbsp;15, 2002 and March&nbsp;8, 2002; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
description of our common stock, par value $.10 per share, contained in our registration statement on Form&nbsp;8-A (Commission File
No.&nbsp;001-09338), filed December&nbsp;5, 2001. </FONT></DD></DL>
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<P><FONT SIZE=2>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. </FONT></P>

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<P><FONT SIZE=2><B> Item 8. Exhibits.  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a list of all exhibits filed as a part of this registration statement on Form&nbsp;S-8, including those incorporated herein by
reference. </FONT></P>

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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
<U>Number</U><BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="CENTER"><FONT SIZE=1><B><U>Description of Exhibit</U><BR> </B></FONT><BR></TH>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;4.1 to the Michaels Stores, Inc. Form&nbsp;10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No.&nbsp;001-09338), filed December&nbsp;18, 2001, and incorporated herein by reference).</FONT></TD>
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4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;4.2 to the Michaels Stores, Inc. Form&nbsp;10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No.&nbsp;001-09338), filed December&nbsp;18, 2001, and incorporated herein by reference).</FONT></TD>
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4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc., as amended (previously filed as Exhibit 4.3 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File No.
001-09338), filed December 18, 2001, and incorporated herein by reference).</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Amended and Restated Bylaws of Michaels Stores, Inc. (previously filed as Exhibit 4.4 to the Michaels Stores, Inc. Registration Statement on Form S-8 (Registration No. 333-71054), filed October 5, 2001, and incorporated herein by
reference).</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Michaels Stores, Inc. Annual Report on Form 10-K for the year ended January&nbsp;30, 1994 (Commission File No.&nbsp;000-11822), filed April&nbsp;29, 1994, and incorporated
herein by reference).</FONT></TD>
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5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Jones, Day, Reavis &amp; Pogue.</FONT></TD>
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23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Ernst &amp; Young LLP.</FONT></TD>
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23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Jones, Day, Reavis &amp; Pogue (included in Exhibit 5.1).</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Power of attorney (included on signature page).</FONT></TD>
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99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Michaels Stores, Inc. 2001 General Stock Option Plan (previously filed as Exhibit&nbsp;99.1 to the Michaels Stores, Inc. Registration Statement on Form&nbsp;S-8 (Registration No.&nbsp;333-71054), filed October 5, 2001, and incorporated herein by
reference).</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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&nbsp;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 8th day of March, 2002. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>MICHAELS STORES,&nbsp;INC.</FONT></TD>
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<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BRYAN M. DECORDOVA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bryan M. DeCordova<BR></FONT> <FONT SIZE=2><I>Executive Vice President&#151;<BR>
Chief Financial Officer</I></FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person whose signature appears below authorizes R. Michael Rouleau, Bryan M. DeCordova and Mark&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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. </FONT></P>

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<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B><U>Signatures</U><BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B><U>Title</U><BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B><U>Date</U><BR> </B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CHARLES J. WYLY, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;<BR></FONT>
<HR NOSHADE><FONT SIZE=2> Charles J. Wyly, Jr.</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>March&nbsp;8, 2002</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SAM WYLY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Sam Wyly</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
Vice Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>R. MICHAEL ROULEAU</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> R. Michael Rouleau</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
President and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BRYAN M. DECORDOVA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bryan M. DeCordova</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice President&#151;<BR>
Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
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<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD E. HANLON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard E. Hanlon</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
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<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD C. MARCUS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard C. Marcus</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELIZABETH A. VANSTORY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Elizabeth A. VanStory</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
March&nbsp;8, 2002</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<BR></FONT><FONT SIZE=2><B>INDEX TO EXHIBITS    <BR>  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
<U>Number</U><BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="LEFT"><FONT SIZE=1><B><U>Description of Exhibit</U><BR> </B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;4.1 to the Michaels Stores, Inc. Form&nbsp;10-Q for the fiscal quarter ended November&nbsp;3, 2001 (Commission File
No.&nbsp;001-09338), filed December&nbsp;18, 2001, and incorporated herein by reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;4.2 to the Michaels Stores, Inc. Form&nbsp;10-Q for the fiscal quarter ended November&nbsp;3, 2001 (Commission File
No.&nbsp;001-09338), filed December&nbsp;18, 2001, and incorporated herein by reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc., as amended (previously filed as Exhibit&nbsp;4.3 to the Michaels Stores,&nbsp;Inc. Form&nbsp;10-Q for the fiscal quarter ended November&nbsp;3, 2001
(Commission File No.&nbsp;001-09338), filed December&nbsp;18, 2001, and incorporated herein by reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Amended and Restated Bylaws of Michaels Stores, Inc. (previously filed as Exhibit&nbsp;4.4 to the Michaels Stores, Inc. Registration Statement on Form&nbsp;S-8 (Registration No.&nbsp;333-71054), filed October&nbsp;5, 2001, and incorporated herein by
reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Michaels Stores, Inc. Annual Report on Form&nbsp;10-K for the year ended January&nbsp;30, 1994 (Commission File No.&nbsp;000-11822), filed April&nbsp;29, 1994, and incorporated
herein by reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Jones, Day, Reavis &amp; Pogue.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Ernst &amp; Young LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Jones, Day, Reavis &amp; Pogue (included in Exhibit 5.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Power of attorney (included on signature page).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Michaels Stores, Inc. 2001 General Stock Option Plan (previously filed as Exhibit&nbsp;99.1 to the Michaels Stores, Inc. Registration Statement on Form&nbsp;S-8 (Registration No.&nbsp;333-71054), filed October&nbsp;5, 2001, and incorporated herein by
reference).</FONT></TD>
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<BR>
<P><br><A NAME="02DFW1179_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1179_1">EXPLANATORY NOTE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1179_2">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ja1179_1">SIGNATURES</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ka1179_1">INDEX TO EXHIBITS</A></FONT><BR>
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As filed with the Securities and Exchange Commission on March 8, 2002.
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
(State or other jurisdiction
of incorporation or organization)
75-1943604
(I.R.S. Employer
Identification No.)
8000 Bent Branch Drive
Irving, Texas 75063
(Address of principal executive offices)
MICHAELS STORES, INC.
2001 GENERAL
STOCK OPTION PLAN
(Full title of plan)
R. Michael Rouleau
Chief Executive Officer
Michaels Stores, Inc.
8000 Bent Branch Drive
Irving, Texas 75063
P.O. Box 619566
DFW, Texas 75261-9566
(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, Reavis & Pogue
2727 North Harwood Street
Dallas, Texas 75201
(214) 220-3939
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
Amount to be Registered
Proposed Maximum Offering Price Per Share (2)
Proposed Maximum Aggregate Offering Price (2)
Amount of Registration Fee (2)
Common Stock, par value $.10 per share
35,000
$31.25
$1,093,750
$101
1.
Represents
shares issuable upon exercise of options granted under the Michaels Stores, Inc. 2001 General Stock Option 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 March 1, 2002.
EXPLANATORY NOTE
The information called for by Part I of Form S-8 is included in the description of the Michaels Stores, Inc. 2001 General Stock
Option 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
This registration statement on Form S-8 incorporates by reference the contents of the registration statement on Form S-8
(Registration No. 333-71054) we filed on October 5, 2001, relating to the Plan, with the exception of Item 3 and Item 8 of Part II of such prior registration
statement, each of which is amended and restated in its entirety as set forth below:
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 February 3, 2001;
(b)
Our
quarterly reports on Form 10-Q for the fiscal quarters ended May 5, 2001, August 4, 2001 and November 3, 2001;
(c)
Our
current reports on Form 8-K dated June 19, 2001, July 6, 2001, July 9, 2001, July 27, 2001, September 20, 2001,
October 31, 2001, February 1, 2002, February 15, 2002 and March 8, 2002; 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 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 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 4.1 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No. 001-09338), filed December 18, 2001, and incorporated herein by reference).
4.2
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit 4.2 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No. 001-09338), filed December 18, 2001, 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 4.3 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File No.
001-09338), filed December 18, 2001, and incorporated herein by reference).
4.4
Amended and Restated Bylaws of Michaels Stores, Inc. (previously filed as Exhibit 4.4 to the Michaels Stores, Inc. Registration Statement on Form S-8 (Registration No. 333-71054), filed October 5, 2001, and incorporated herein by
reference).
4.5
Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Michaels Stores, Inc. Annual Report on Form 10-K for the year ended January 30, 1994 (Commission File No. 000-11822), filed April 29, 1994, and incorporated
herein by reference).
5.1
Opinion of Jones, Day, Reavis & Pogue.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones, Day, Reavis & Pogue (included in Exhibit 5.1).
24.1
Power of attorney (included on signature page).
99.1
Michaels Stores, Inc. 2001 General Stock Option Plan (previously filed as Exhibit 99.1 to the Michaels Stores, Inc. Registration Statement on Form S-8 (Registration No. 333-71054), filed October 5, 2001, and incorporated herein by
reference).
2
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 8th day of March, 2002.
MICHAELS STORES, INC.
By:
/s/
BRYAN M. DECORDOVA
Bryan M. DeCordova
Executive Vice President—
Chief Financial Officer
Each
person whose signature appears below authorizes R. Michael Rouleau, Bryan M. DeCordova 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
March 8, 2002
/s/
SAM WYLY
Sam Wyly
Vice Chairman of the Board of Directors
March 8, 2002
/s/
R. MICHAEL ROULEAU
R. Michael Rouleau
President and Chief Executive Officer (Principal Executive Officer)
March 8, 2002
/s/
BRYAN M. DECORDOVA
Bryan M. DeCordova
Executive Vice President—
Chief Financial Officer
(Principal Financial and Accounting Officer)
March 8, 2002
/s/
RICHARD E. HANLON
Richard E. Hanlon
Director
March 8, 2002
/s/
RICHARD C. MARCUS
Richard C. Marcus
Director
March 8, 2002
/s/
ELIZABETH A. VANSTORY
Elizabeth A. VanStory
Director
March 8, 2002
3
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibit
4.1
Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit 4.1 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No. 001-09338), filed December 18, 2001, and incorporated herein by reference).
4.2
Certificate of Amendment to Restated Certificate of Incorporation of Michaels Stores, Inc. (previously filed as Exhibit 4.2 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001 (Commission File
No. 001-09338), filed December 18, 2001, 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 4.3 to the Michaels Stores, Inc. Form 10-Q for the fiscal quarter ended November 3, 2001
(Commission File No. 001-09338), filed December 18, 2001, and incorporated herein by reference).
4.4
Amended and Restated Bylaws of Michaels Stores, Inc. (previously filed as Exhibit 4.4 to the Michaels Stores, Inc. Registration Statement on Form S-8 (Registration No. 333-71054), filed October 5, 2001, and incorporated herein by
reference).
4.5
Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Michaels Stores, Inc. Annual Report on Form 10-K for the year ended January 30, 1994 (Commission File No. 000-11822), filed April 29, 1994, and incorporated
herein by reference).
5.1
Opinion of Jones, Day, Reavis & Pogue.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones, Day, Reavis & Pogue (included in Exhibit 5.1).
24.1
Power of attorney (included on signature page).
99.1
Michaels Stores, Inc. 2001 General Stock Option Plan (previously filed as Exhibit 99.1 to the Michaels Stores, Inc. Registration Statement on Form S-8 (Registration No. 333-71054), filed October 5, 2001, and incorporated herein by
reference).
4
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EXPLANATORY NOTE
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
SIGNATURES
INDEX TO EXHIBITS