A spokeswoman for Michaels Companies said the deal shouldn't have much effect on the local Pat Catan's store at 4321 Whipple Ave. NW in the Springbrook Plaza.
Crafters stay calm: The new owner of Pat Catan’s says the arts and craft store will remain largely unchanged.
A spokeswoman for Michaels Companies said Wednesday that the company’s acquisition of Lamrite West, a wholesale distributor of craft products that also operates 34 Pat Catan’s in Ohio, Pennsylvania, Michigan and West Virginia, shouldn’t have much effect on the local store at 4321 Whipple Ave. NW in the Springbrook Plaza. She said Pat Catan’s will operate as a distinct, separate business within Michaels portfolio.
Lamrite, which was founded in Cleveland in 1954, has more than 16,000 employees nationwide, and each employee is expected to retain their current roles, she said. No layoffs are expected. Employment figures for the local stores were not immediately available.
Texas-based Michaels, which operates a retail store at 6527 Strip Ave. NW, announced Tuesday that it acquired Lamrite West for $150 million. In its news release, the company said that Lamrite West would maintain its team and facilities in Strongsville, and Michael Catanzarite, whose father founded Lamrite, would continue to lead the team as chief executive officer. Catanzarite also will serve on Michaels executive committee, the release said.
Michaels is expected to provide more detail on the acquisition’s financial impact when it reports its fourth quarter and fiscal 2015 earnings release on March 17.
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