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MICHAELS ANNOUNCES PROPOSED CONVERTIBLE DEBT

 IRVING, Texas, Nov. 24 ~PRNewswire~ -- Michaels Stores, Inc. (NASDAQ: MIKE) announced that the company is filing today a Registration Statement with respect to an underwritten offering of $60,000,000 of Convertible Subordinated Notes. The First Boston Corporation and Robertson, Stephens & Company will act as managing underwriters of the offering.
 The company plans to use the proceeds from the offering to finance planned store expansion and additional distribution facilities, to satisfy future seasonal working capital requirements and for other general corporate purposes. The company is proceeding with the offering in order to take advantage of the current interest rate environment and other favorable market conditions to provide for its long-term capital requirements.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Written or telephonic requests for a copy of a written prospectus with respect to the offering should be directed to:
 Michaels Stores, Inc.
 P. O. Box 619566
 DFW, Texas 75261-9566
 ATTN: Investor Relations
 Telephone: 214-714-7101
 The nation's leading retailer of arts and crafts, Michaels Stores, Inc. offers a wide selection of picture framing materials and services, silk and dried flowers, hobby and art supplies, creative crafts, party, and seasonal and holiday merchandise. The company owns and operates 168 stores in 24 states, from California to the Carolinas.
 -0- 11~24~92
 ~CONTACT: R. Don Morris, executive vice president & chief financial officer of Michaels Stores, Inc., 214-714-7100~
 (MIKE)


CO: Michaels Stores, Inc. ST: Texas IN: REA SU:

SH -- NY058 -- 1154 11~24~92 14:42 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:333
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