Pat Catan’s Teacher Discount Stores Close in Ohio

0 Shares
0
0
0
0

pat catans teacher discount

Full disclosure: If you visit a link on this page and make a purchase, we may receive a small commission at no extra cost to you.

Pat Catan’s craft stores in Ohio and nearby states will close, including locations in Austintown, Boardman, Hermitage and Warren. Lamrite West was acquired by Michaels Companies in 2016; as part of this transition they plan on rebranding up to 12 closing Pat Catan’s stores as Michaels stores for one-time after-tax costs estimated between $44 million to 48 million, mostly related to lease obligations termination costs associated with closing stores.

Micheals expects no material impact to its adjusted operating income and anticipates recognizing most of the one-time after-tax cost during its fourth-quarter fiscal 2018 performance. Furthermore, savings should come from eliminating duplicate retail operating expenses and providing customers with more consistent merchandise offerings, according to Chuck Rubin’s CEO statement in a press release.

Michaels offers an outstanding selection of arts and crafts supplies during the holidays. That includes items like yarn, needles, paper, paint and scrapbooking materials; in addition, seasonal merchandise such as Christmas decorations and Halloween costumes is also sold here.

Michaels Companies recently acquired Lamrite West for $150 million, promising to keep its name, Strongsville headquarters and current team in place. Current chief executive Michael Catanzarite will remain as leader while wholesale business Darice will operate independently from Lamrite West.

0 Shares
You May Also Like
Avis Car Rental

FeaturedAvis Car Rental

Imagine the open road stretched out before you, beckoning you to explore. Avis Car Rental, with its vast fleet of well-maintained vehicles, is your ticket to unforgettable journeys. Whether you crave a nimble compact or a luxurious SUV, Avis has it all. Discover newfound freedom and embark on endless adventures with the trusted companion on four wheels – Avis Car Rental.
Novel Effect

FeaturedNovel Effect

Educators have long understood the power of a‍ well-told ​story to captivate young minds, and ‍now there’s an…
Gold Toe

FeaturedGold Toe

As educators across ‍the country continue to enrich the lives ⁣of countless students, it’s always wonderful to ⁢see…