SUMMARY ANNUAL REPORT
For Michaels Stores, Inc. Employees 401(k) Plan 
This is a summary of the annual report for Michaels Stores, Inc. Employees 401(k) Plan, EIN 75-1943604, Plan No. 001, for period January 1, 2022 through December 31, 2022. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). 
Basic Financial Statement
Benefits under the plan are provided by a trust fund. Plan expenses were $31,118,452. These expenses included $336,770 in administrative expenses,  $30,561,974 in benefits paid to participants and beneficiaries, and  $219,708 in other expenses. A total of 23,215 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $268,177,032 as of December 31, 2022, compared to $315,834,032 as of January 1, 2022. During the plan year the plan experienced a decrease in its net assets of $47,657,000. This decrease includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of ($16,538,548), including employer contributions of $9,071,462, employee contributions of $25,401,473, earnings from investments of ($51,215,742), and other income of $204,259.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
•	an accountant's report;
•	financial information;
•	information on payments to service providers;
•	assets held for investment;
•	information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates;
To obtain a copy of the full annual report, or any part thereof, write or call the office of Michaels Stores, Inc. in care of Lisa A. Cummings who is Plan Administrator at 3939 W. JOHN CARPENTER FRWY, IRVING, TX 75063, or by telephone at (972) 409-1300. 
You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. 
You also have the legally protected right to examine the annual report at the main office of the plan (Michaels Stores, Inc., 3939 W. JOHN CARPENTER FRWY, IRVING, TX 75063) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. 
Paperwork Reduction Act Statement
According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13)(PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512. 
The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040.