FORM 4  Check this box if no longer subject to Section 16.  Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses)	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL
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 1. Name and Address of Reporting Person *

         Beasley         Mark                V.          (Last)            (First)           (Middle)


8000 Bent Branch Drive (Street)


         Irving          Texas              75063          (City)           (State)              (Zip)

   2. Issuer Name and Ticker
     or Trading Symbol

Michaels Stores, Inc. (MIK)  3. I.R.S. Identification
     Number of Reporting
     Person, if an entity
     (voluntary)

   4. Statement for
     Month/Day/Year

April 7, 2003  5. If Amendment, Date of
     Original (Month/Day/Year)

 
 6. Relationship of Reporting Person(s) to Issuer      (Check all applicable)

 Director X  Officer (give title below)  10% Owner  Other (specify below)

Senior Vice President, General Counsel and Secretary
 7. Individual or Joint/Group
     Filing (Check Applicable Line)

 X  Form filed by One Reporting Person

      Form filed by More than One Reporting Person

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/ Year)

3A. Deemed Execution Date, if any (Month/Day/ Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Securities: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$26.84

4/07/03

A

7,500

(1)

4/06/08

Common Stock

7,500

7,500

D

Explanation of Responses:
(1)	Grant to reporting person on April 7, 2003 of options under the Michaels Stores, Inc. 1997 Stock Option Plan (exempt) to purchase 7,500 shares of Michaels Stores, Inc. common stock; 2,500 of which vest on each of April 7, 2004, April 7, 2005 and April 7, 2006.

/s/ Todd J. Thorson ** Signature of Reporting Person	April 9, 2003 Date
Todd J. Thorson, Attorney-in-Fact for
Mark V. Beasley

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
      See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002