UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  April 13, 2007

MICHAELS STORES, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

 

001-09338

 

75-1943604

(State or Other Jurisdiction

 

(Commission

 

(IRS Employer

of Incorporation)

 

File Number)

 

Identification No.)

8000 Bent Branch Drive

Irving, Texas  75063

P.O. Box 619566

DFW, Texas  75261-9566

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (972) 409-1300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o                        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 13, 2007, the Board of Directors of Michaels Stores, Inc. (the “Company”) approved an additional cash award in the amount of $35,292 to Thomas M. Bazzone, Executive Vice President – Specialty Businesses of the Company, under his Fiscal Year 2006 Bonus Plan to address an inconsistency in Mr. Bazzone’s bonus plan design.  A copy of Mr. Bazzone’s Fiscal Year 2006 Bonus Plan is attached as Exhibit 10.4 to the Company’s Form 8-K filed on March 30, 2006, SEC File No. 001-09338.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

April 16, 2007

By:

 /s/ Jeffrey N. Boyer

 

 

Jeffrey N. Boyer

 

 

President and Chief Financial Officer

 

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