-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 INJSY0ldNTDq9AzbASlpMu7vxv8dXt0zWwT3+P14/bA6yGkZoo2Z4qYS/8KAsRVI
 MeW6ayDp1kqch1DmV5M6RA==

<SEC-DOCUMENT>0001209191-04-002750.txt : 20040113
<SEC-HEADER>0001209191-04-002750.hdr.sgml : 20040113
<ACCEPTANCE-DATETIME>20040113161150
ACCESSION NUMBER:		0001209191-04-002750
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031229
FILED AS OF DATE:		20040113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICHAELS STORES INC
		CENTRAL INDEX KEY:			0000740670
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOBBY, TOY & GAME SHOPS [5945]
		IRS NUMBER:				751943604
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0201

	BUSINESS ADDRESS:	
		STREET 1:		8000 BENT BRANCH DR
		STREET 2:		********
		CITY:			IRVING
		STATE:			TX
		ZIP:			75063
		BUSINESS PHONE:		(972)409-1300

	MAIL ADDRESS:	
		STREET 1:		PO BOX 619566
		CITY:			DFW
		STATE:			TX
		ZIP:			75261-9566

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WYLY JR CHARLES J
		CENTRAL INDEX KEY:			0001185854

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09338
		FILM NUMBER:		04522898

	BUSINESS ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1000
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2148804031

	MAIL ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1000
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER NAME:	
		FORMER CONFORMED NAME:	WYLY CHARLES J JR
		DATE OF NAME CHANGE:	20020904
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-29</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000740670</issuerCik>
        <issuerName>MICHAELS STORES INC</issuerName>
        <issuerTradingSymbol>MIK</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001185854</rptOwnerCik>
            <rptOwnerName>WYLY JR CHARLES J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8000 BENT BRANCH DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>IRVING</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75063</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chairman of the Board</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-12-29</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>G</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value>E</value></transactionTimeliness><transactionAmounts><transactionShares><value>1000.0000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>207806.0000</value></sharesOwnedFollowingTransaction></postTransac
tionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Trust</value><footnoteId id="F1" /></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-12-29</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>G</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value>E</value></transactionTimeliness><transactionAmounts><transactionShares><value>2000.0000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>203540.0000</value></sharesOwnedFollowingTransaction></postTran
sactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Trust</value><footnoteId id="F2" /></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-12-29</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>G</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value>E</value></transactionTimeliness><transactionAmounts><transactionShares><value>6000.0000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>143938.0000</value></sharesOwnedFollowingTransaction></postT
ransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Trust</value><footnoteId id="F3" /></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-12-29</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>G</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value>E</value></transactionTimeliness><transactionAmounts><transactionShares><value>1000.0000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>207604.0000</value></sharesOwnedFollowingTransaction></po
stTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Limited Partnership</value><footnoteId id="F4" /></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>160000.0000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Limited Partnership</value><footnoteId id="F5" /></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>100.0000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNatu
re></nonDerivativeHolding></nonDerivativeTable><footnotes><footnote id="F1">Represents shares held by Charles J. Wyly, III Trust of which the reporting person is the trustee.</footnote><footnote id="F2">Represents shares held by Jennifer Lynn Wyly Trust of which the reporting person is the trustee.</footnote><footnote id="F3">Represents shares held by Martha Caroline Wyly Trust of which the reporting person is the trustee.</footnote><footnote id="F4">Represents shares held by Shadywood USA, Ltd., a limited partnership of which the reporting person is a general partner.</footnote><footnote id="F5">Represents shares held by Stargate, Ltd., a limited partnership, the general partner of which is a trust of which the reporting person is one of the trustees.</footnote></footnotes><remarks></remarks><ownerSignature><signatureName>/s/ Elizabeth K. Giddens
Elizabeth K. Giddens, Attorney-in-Fact for Charles J. Wyly, Jr., Chairman of the Board of Directors</signatureName><signatureDate>2004-01-13</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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