IRVING, TX - The arts and crafts marketplace just got a bit smaller, as Texas-based Michaels announced on Tuesday that it is buying Strongsville-based Lamrite West, Inc. Lamrite is the parent company of Pat Catan's craft stores.
In a press release, Michaels said that it paid $150 million for the business, which operates 34 stores in Ohio, Pennsylvania, Michigan and West Virginia. Lamrite also has a wholesale business.
Michaels says that Pat Catan's, along with its employees, will remain headquartered in Strongsville and will continue to operate as a distinct business within Michaels. Michael Catanzarite, whose father founded the company in 1954, will continue to lead the team as CEO of Lamrite West and will serve on Michaels executive committee.