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Michaels Stores

(MIK) - Get Michaels Companies Inc Report

said its audit committee is reviewing stock option grant practices. The internal review is focused principally on 1990 to 2001.

Independent legal counsel and accounting experts from outside will assist the Texas-based company. The company's independent accounting firm has been informed about the internal review.

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The company also said it has been unable to complete and file by the prescribed due date its Form 10-Q for the quarter ended April 29. Michaels said it is working diligently to file by the fifth calendar day following the required filing date.

Shares fell 74 cents to $37.97.

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