Michaels Completes Early Redemption of Notes

Irving, Texas, Michaels Stores has successfully completed the redemption of the company's $200 million, 9 1/4% senior notes due 2009 at a price of $1.04625. Michael Rouleau, CEO, states, “The early redemption of the company's senior notes is representative of our strong operating performance and strengthening financial position. This is an important part of our continuing efforts to build shareholder value through both operational improvements as well as enhancements to our capital structure.”