FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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

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(Print or Type Responses)

1. Name and Address of Reporting Person * WYLY JR CHARLES J   2. Issuer Name and Ticker or Trading Symbol MICHAELS STORES INC [MIK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman of the Board (Last) (First) (Middle) 300 CRESCENT COURT, SUITE 1000 3. Date of Earliest Transaction (Month/Day/Year) 06/16/2005 (Street) DALLAS, TX 75201 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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 Common Stock 06/16/2005   S   3,267 D $ 41.72 359,880 I By Trust (1) (2) Common Stock 06/16/2005   S   1,133 D $ 41.73 358,747 I By Trust (1) (2) Common Stock 06/16/2005   S   2,667 D $ 41.74 356,080 I By Trust (1) (2) Common Stock 06/16/2005   S   1,667 D $ 41.75 354,413 I By Trust (1) (2) Common Stock 06/16/2005   S   667 D $ 41.76 353,746 I By Trust (1) (2) Common Stock 06/16/2005   S   1,333 D $ 41.77 352,413 I By Trust (1) (2) Common Stock 06/16/2005   S   333 D $ 41.78 352,080 I By Trust (1) (2) Common Stock               282,876 I By Trust (1) (3) Common Stock               600,536 I By Foreign Equity (1) (4) Common Stock               350,000 I By Foreign Equity (1) (5) Common Stock               1,916,668 I By Foreign Equity (1) (6)

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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WYLY JR CHARLES J 300 CRESCENT COURT SUITE 1000 DALLAS, TX 75201	X		Chairman of the Board

Signatures

/s/ Eric Markus, Attorney-In-Fact for Charles J. Wyly, Jr.		06/20/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Notwithstanding the inclusion of securities reported in this Form 4, the Reporting Person disclaims (i) beneficial ownership of any securities held indirectly except to the extent of his pecuniary interest therein (if any), and (ii) beneficial ownership of any securities held in a trust to the extent that Rule 16a-8 would not treat such Reporting Person as the beneficial owner thereof.
(2)	Represents shares held by the Jennifer Lynn Wyly Trust, of which the Reporting Person is the trustee.
(3)	Represents shares held by the Martha Caroline Wyly Trust, of which the Reporting Person is the trustee.
(4)	Represents shares held by a subsidiary of the Castle Creek International Trust, an irrevocable trust established under the laws of the Isle of Man in 1992 for the benefit of certain charities and, at a future date (i.e., after the lifetime of Charles J. Wyly, Jr.), his children and issue.
(5)	Represents shares held by a subsidiary of the Tyler Trust, an irrevocable trust established under the laws of the Isle of Man in 1994 for the benefit of, inter alia, the Reporting Person, his spouse, and his issue.
(6)	Represents shares held by a subsidiary of the Red Mountain Trust, an irrevocable trust established under the laws of the Isle of Man in 1992 for the benefit of, inter alia, the Reporting Person, his spouse, and his issue.
Remarks: This Form 4 is the fifth of five being filed this day by the Reporting Person. The five filings should be read together.

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

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