Michaels Acquires Pat Catan's Craft Stores for $150M

Pat Catan's Craft Centers, the family-run crafts and decor retailer, has been acquired by the Michaels Companies Inc., the largest arts and crafts retailer in North America, for $150 million. Michaels said Lamrite West, the name of the company Pat Catanzarite founded in 1954 to supply craft supplies, window displays and decorations to Cleveland department stores like Higbee's, Halle's, Linders and Rosenbloom, will keep its team and its Strongsville, Ohio headquarters.