A Brief History

• Originally Pat Catanzarite, it was founded in 1954 to supply craft supplies
• Pat Catan’s was acquired by Michaels Companies Inc. for $150 million in February of 2016
• During this acquisition, Pat Catan’s locations in Ohio, Pennsylvania, Michigan, and West Virginia would remain independent under Michaels

What’s Happening Now?

• In a statement by Chuck Rubin, chairman and CEO of the Michaels Companies, it was confirmed that all Pat Catan’s retails stores will be closed
  • Some stores will be reopened as new Michaels stores
• A few reasons for this change include:
  • According to Rubin, “…the Pat Catan’s retail business has struggled in the face of industry headwinds.”
  • Michaels goal in the long term is to increase market share and enlarge its leadership position in the arts industry

What Will Happen Moving Forward?

• As of now, there are no official details concerning what will happen to current Pat Catan’s employees
  • Rubin did say they “…intend to provide employment opportunities or transition support for all Team Members.”
• Currently, there are no confirmed closing dates
• A lot of Pat Catan’s shoppers are expressing disappointment and confusion at the news of the closings, not understanding why Michaels would buy Pat Catan’s if they’re just going to close the anyway

I guess we can all agree that we’re going to miss this familiar face.