Michaels Identifies and Contains Previously Announced Data Security Issue

Michaels Stores, Inc. (the “Company” or “Michaels”) today provided an update on its ongoing investigation into the data security issue it previously reported. In January, the Company learned of possible fraudulent activity on some U.S. payment cards that had been used at Michaels stores. Since the announcement, the Company retained two independent, expert security firms to conduct an extensive investigation. The Company also has been working closely with law enforcement authorities and coordinating with banks and payment processors to determine the facts.

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