<PAGE>
Registration Statement No. 33-55537
Filed Pursuant to Rule 424(c)
MICHAELS STORES, INC.
SUPPLEMENT DATED OCTOBER 24, 1994 TO PROSPECTUS DATED
SEPTEMBER 21, 1994
With respect to the resale prospectus covering 901,066 shares of Common
Stock of Michaels Stores, Inc. (the "Company") filed with the Form S-3
Registration Statement No. 33-55537:
On October 21, 1994, the closing price of the Common Stock on The Nasdaq
National Market was $39.
The section entitled "Selling Shareholders" in this Prospectus is hereby
amended by adding the following disclosure as part of the Selling Stockholder
table on page four of this Prospectus with such disclosure replacing the
existing references in such table to Prudential-Bache Capital Partners I.,
L.P., Alan Altschuler, Stephen J. Berman, Alan L. and Myriam G. Magdovitz and
John E. Welsh III. Such disclosure (i) reflects a distribution of Common Stock
by Prudential-Bache Capital Partners I., L.P. to its partners and (ii) sets
forth information as of October 24, 1994, concerning the indicated Selling
Stockholders, who do not have, nor within the past three years have had, any
position, office or other material relationship with the Company or any of its
predecessors or affiliates, except as noted below.
<TABLE>
<CAPTION>
SHARES BENEFICIALLY OWNED COMMON STOCK SHARES BENEFICIALLY OWNED AFTER
PRIOR TO THE OFFERING (1) OFFERED FOR SELLING THE OFFERING (1)
------------------------- STOCKHOLDERS' ----------------
NAME OF BENEFICIAL OWNER NUMBER PERCENT ACCOUNT(2) NUMBER PERCENT
- ------------------------ ------ ------- ---------- ------ -------
<S> <C> <C> <C> <C> <C>
Prudential-Bache Partners, Inc. 32,090 * 22,892 9,198 *
Paul M. Albert, Jr. 779 * 580 199 *
Alan Altschuler 6,527 * 4,967 1,560 *
James T. Barton 1,559 * 1,159 400 *
Tamara A. Baum 221 * 155 66 *
Nicholas Bayard 649 * 580 69 *
<FN>
_____________________________
(1) Includes shares indirectly held through ownership of limited
partnership interests (or, in the case of Prudential-Bache Partners, Inc.,
limited partnership interests and general partnership interests) in
partnerships that own shares of Common Stock.
(2) The Shares listed in this Selling Stockholder Table do not include
the Escrowed Shares (as defined in this Prospectus). In the event that the
former capital stockholders of Leewards (as defined in this Prospectus) in
fact receive all or part of the Escrowed Shares, this Selling Stockholder
Table will be amended or supplemented to include such Shares and to include
the following former capital stockholders of Leewards that may also receive a
portion of the Escrowed Shares: Jon H. Browne (a former director and/or
officer of Leewards), GIPEN & Co., MONY Life Insurance Company of America and
The Mutual Life Insurance Company of New York.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES BENEFICIALLY OWNED COMMON STOCK SHARES BENEFICIALLY OWNED AFTER
PRIOR TO THE OFFERING (1) OFFERED FOR SELLING THE OFFERING (1)
------------------------- STOCKHOLDERS' ----------------
NAME OF BENEFICIAL OWNER NUMBER PERCENT ACCOUNT(2) NUMBER PERCENT
- ------------------------ ------ ------- ---------- ------ -------
<S> <C> <C> <C> <C> <C>
Allan M. Benton 779 * 580 199 *
Stephen J. Berman(3) 4,393 * 4,098 295 *
Daniel Bowden 519 * 464 55 *
Charles Breakstone 324 * 290 34 *
Mark E. Brefka 324 * 290 34 *
George H. Bristol 846 * 696 150 *
James D. Brown 324 * 290 34 *
J. Mark T. Buxton 665 * 580 85 *
Thomas J. Byrne, Jr. 714 * 580 134 *
John C. Cadle, Jr. 303 * 271 32 *
Ralph J. Carballal 589 * 433 156 *
Randall L. W. Caudill 779 * 580 199 *
John H. Copenhaver 389 * 290 99 *
Nathan D. Cortright IV 390 * 290 100 *
George E. Councill 221 * 174 47 *
James F. Crowley 1,559 * 1,159 400 *
Carol A. Curley 155 * 139 16 *
David A. DeWahl, Jr. 389 * 290 99 *
Michael K. Diana 324 * 290 34 *
Dorothy J. Dotson 857 * 742 115 *
Thomas S. Douglas 486 * 433 53 *
Michael J. Downey 650 * 464 186 *
Edward M. Elliott 95 * 85 10 *
Robert L. Errico 714 * 580 134 *
Stephen Farrier 596 * 464 132 *
Clinton L. Fenton 177 * 158 19 *
Frederick G. Ferber 390 * 290 100 *
Rocky Ferrell 242 * 216 26 *
Thomas M. Flohr 235 * 185 50 *
Theodore V. Fowler 858 * 680 178 *
Peder L. A. Fredrikson 359 * 290 69 *
W. Robert Friedman, Jr. 880 * 696 184 *
Dempsey L. Gable 177 * 139 38 *
<FN>
_____________________________
(3)This Selling Stockholder is a former director and/or officer of
Leewards.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES BENEFICIALLY OWNED COMMON STOCK SHARES BENEFICIALLY OWNED AFTER
PRIOR TO THE OFFERING (1) OFFERED FOR SELLING THE OFFERING (1)
------------------------- STOCKHOLDERS' ----------------
NAME OF BENEFICIAL OWNER NUMBER PERCENT ACCOUNT(2) NUMBER PERCENT
- ------------------------ ------ ------- ---------- ------ -------
<S> <C> <C> <C> <C> <C>
James T. Gahan 1,559 * 1,159 400 *
Bennett M. Goldstein 194 * 155 39 *
Jeffrey Harfst 103 * 93 10 *
Brian Hehir 192 * 147 45 *
Ralph O. Hellmold 1,108 * 866 242 *
Robert P. Helms 915 * 649 266 *
Sheldon M. Hirschberg 234 * 185 49 *
Alan D. Hogan 1,429 * 1,159 270 *
Robert Hoguet, III 194 * 174 20 *
Edmond P. V. Horsey 176 * 139 37 *
Fredrick W. Hulton 942 * 742 200 *
Joseph E. Humenik 259 * 232 27 *
Joanne M. Keates 162 * 147 15 *
Harry H. Kelly 346 * 278 68 *
Gerald L. Kuschuk 623 * 464 159 *
William Leddy 324 * 290 34 *
Alan & Myriam Magdovitz 5,043 * 4,677 366 *
Richard A. Mandell 780 * 580 200 *
Gerald P. McBride 1,169 * 869 300 *
F. Gerald McGrath 1,108 * 866 242 *
Thomas Monti 208 * 185 23 *
Harvey Morgan 779 * 580 199 *
Takao Nakajima 206 * 139 67 *
Donald G. Nelson 216 * 193 23 *
Jeffrey T. Newton 242 * 216 26 *
Leland B. Paton 1,413 * 1,159 254 *
William J. Potter 519 * 417 102 *
Malcolm M. Prine 963 * 757 206 *
Paul J. Proscia 363 * 325 38 *
Joseph E. Rechter 554 * 433 121 *
David Reed 390 * 348 42 *
David F. Remington 1,108 * 866 242 *
George N. Riordan 649 * 580 69 *
William T. Rush, Jr. 376 * 290 86 *
John A. Schneeberger 277 * 216 61 *
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES BENEFICIALLY OWNED COMMON STOCK SHARES BENEFICIALLY OWNED AFTER
PRIOR TO THE OFFERING (1) OFFERED FOR SELLING THE OFFERING (1)
------------------------- STOCKHOLDERS' ----------------
NAME OF BENEFICIAL OWNER NUMBER PERCENT ACCOUNT(2) NUMBER PERCENT
- ------------------------ ------ ------- ---------- ------ -------
<S> <C> <C> <C> <C> <C>
Alexander C. Schwartz, Jr. 2,559 * 1,159 1,400 *
Robert J. Sherman 1,298 * 1,159 139 *
Richard Sichenzio 1,253 * 974 279 *
Francesco P. Sinatra 389 * 290 99 *
Gary L. Singleterry 330 * 228 102 *
Howard Sodokoff 193 * 155 38 *
Sidney Spielvogel 649 * 580 69 *
John S. Struck 240 * 189 51 *
John Wei 389 * 290 99 *
David B. Wellborn 299 * 232 67 *
John E. Welsh III 5,043 * 4,677 366 *
John R. Whitman 3,899 * 2,898 1,001 *
Paul T. Wilkinson 325 * 290 35 *
Robert W. Willard 1,324 * 1,159 165 *
Guy P. Wyser-Pratte 986 * 881 105 *
------ --- ------ ------ ---
TOTAL 97,007 * 83,120 13,887 *
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THE DATE OF THIS PROSPECTUS SUPPLEMENT IS OCTOBER 24, 1994.