Ownership Submission
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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
Blackstone Group Management L.L.C.
  2. Issuer Name and Ticker or Trading Symbol
Michaels Companies, Inc. [MIK]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O THE BLACKSTONE GROUP L.P.,, 345 PARK AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
01/27/2017
(Street)

NEW YORK, NY 10154
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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 01/27/2017   S   13,590,066 D $ 21.28 15,397,191 I See Footnotes (1) (7) (9) (11) (12) (13)
Common Stock 01/27/2017   S   3,108,200 D $ 21.28 3,521,509 I See Footnotes (2) (7) (9) (11) (12) (13)
Common Stock 01/27/2017   S   194,647 D $ 21.28 220,529 I See Footnotes (3) (8) (9) (11) (12) (13)
Common Stock 01/27/2017   S   41,315 D $ 21.28 46,810 I See Footnotes (4) (8) (9) (11) (12) (13)
Common Stock 01/27/2017   S   605,973 D $ 21.28 686,552 I See Footnotes (5) (7) (9) (11) (12) (13)
Common Stock 01/27/2017   S   459,799 D $ 21.28 520,940 I See Footnotes (6) (10) (11) (12) (13)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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
Blackstone Group Management L.L.C.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
Blackstone Group L.P.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
BMA V L.L.C.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
BCP V Side-by-Side GP L.L.C.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
BLACKSTONE FAMILY GP LLC
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
Blackstone Holdings III L.P.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
Blackstone Holdings III GP L.P.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
Blackstone Holdings III GP Management L.L.C.
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    
SCHWARZMAN STEPHEN A
C/O THE BLACKSTONE GROUP L.P.,
345 PARK AVENUE
NEW YORK, NY 10154
    X    

Signatures

 BMA V L.L.C. By: /s. John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BCP V SIDE-BY-SIDE GP L.L.C. By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BLACKSTONE FAMILY GP L.L.C. By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BLACKSTONE HOLDINGS III L.P. By: Blackstone Holdings III GP L.P., its general partner By: Blackstone Holdings III GP Management L.L.C., its general partner By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BLACKSTONE HOLDINGS III GP L.P. By: Blackstone Holdings III GP Management L.L.C., its general partner By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BLACKSTONE HOLDINGS III GP MANAGEMENT L.L.C. By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 THE BLACKSTONE GROUP L.P. By: Blackstone Group Management L.L.C., its general partner By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 BLACKSTONE GROUP MANAGEMENT L.L.C. By: /s/ John G. Finley Name: John G. Finley Title: Chief Legal Officer   01/31/2017
**Signature of Reporting Person Date

 STEPHEN A. SCHWARZMAN By: /s/ Stephen A. Schwarzman Name: Stephen A. Schwarzman   01/31/2017
**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) These securities are directly held by Blackstone Capital Partners V L.P.
(2) These securities are directly held by BCP V-S L.P.
(3) These securities are directly held by Blackstone Family Investment Partnership V L.P.
(4) These securities are directly held by Blackstone Participation Partnership V L.P.
(5) These securities are directly held by BCP V Co-Investors L.P.
(6) These securities are directly held by Blackstone Family Investment Partnership V-SMD L.P. (Blackstone Family Investment Partnership V-SMD L.P., together with Blackstone Capital Partners V L.P., BCP V-S L.P., Blackstone Family Investment Partnership V L.P., Blackstone Participation Partnership V L.P. and BCP V Co-Investors L.P., the "Blackstone Funds").
(7) The general partner of Blackstone Capital Partners V L.P., BCP V-S L.P. and BCP V Co-Investors L.P. is Blackstone Management Associates V L.L.C. BMA V L.L.C. is the sole member of Blackstone Management Associates V L.L.C.
(8) The general partner of Blackstone Family Investment Partnership V L.P. and Blackstone Participation Partnership V L.P. is BCP V Side-by-Side GP L.L.C.
(9) Blackstone Holdings III L.P. is the sole member of BCP V Side-by-Side GP L.L.C. and the managing member and majority in interest owner of BMA V L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P. The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group L.P. The general partner of The Blackstone Group L.P. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
(10) The general partner of Blackstone Family Investment Partnership V-SMD L.P. is Blackstone Family GP L.L.C. Blackstone Family GP L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Mr. Schwarzman.
(11) Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.
(12) Each of the Reporting Persons (other than each of the Blackstone Funds to the extent they directly hold securities reported herein), disclaims beneficial ownership of the securities held by the Blackstone Funds, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than each of the Blackstone Funds to the extent they directly hold securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
(13) Due to the limitations of the electronic filing system, Blackstone Management Associates V L.L.C., Blackstone Capital Partners V L.P., BCP V-S L.P., Blackstone Family Investment Partnership V L.P., Blackstone Participation Partnership V L.P., BCP V Co-Investors L.P. and Blackstone Family Investment Partnership V-SMD L.P. have filed a separate Form 4.

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

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.