It was announced today that Michael’s, headquartered in Irving, Texas has purchased all 34 of the Pat Catan’s art and craft stores in Ohio, Pennsylvania and West Virginia. Pat Catan’s is the retail division of Darice (aka Lamrite West) which is located in Strongsville, Ohio.
Michaels said Tuesday it paid $150 million in cash for Ohio-based Lamrite West Inc., which in addition to its Pat Catan’s craft stores has a wholesale supply business. That operation can help Michaels develop more of its private brands, said Michaels CEO Chuck Rubin.
Darice also spawned an online retail division, ConsumerCrafts, which it sold three years ago to Stonegate Properties in Delaware.
It is unclear at this time what will happen retail stores.
Pat Catan’s was founded by Pat Catan in 1954 and is currently run by his children. Pat Catan’s stores have offered their customers a wide variety of craft supplies, often things no longer found in other art and craft stores, at reasonable prices.
Lamrite West will continue to operate out of its Strongsville, Ohio headquarters as a separate division within Michaels. Michael Catanzarite, will continue to run that business as CEO of Lamrite West and will join Michaels’ executive committee.
You can read the release from the Dallas Daily News here.
We will update as new information rolls in.
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