Arts and crafts retailer A.C. Moore will close all of its 145 stores, parent company Nicole Crafts announced in a news release. Matthew Pascucci of Mackinac Partners has been appointed Chief Restructuring Officer of A.C. Moore to assist in the effort.
Michaels will assume the leases for up to 40 A.C. Moore locations along with a lease on an East Coast distribution facility. The 40 stores are expected to re-open under the Michaels banner in 2020.
“Unfortunately, given the headwinds facing many retailers in today's environment, it made it very difficult for us to operate and compete on a national level,” said Anthony Piperno, CEO of A.C. Moore in a statement. “We believe the transaction was the best option for our employees, customers, vendors, landlords, and other key stakeholders and thank them for their many years of support."
A.C. Moore will disclose specific store closings on its web site over the next few weeks. The retailer stopped accepting online orders as of Nov. 25 but will still ship any previously placed orders.
"This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in store,” said Mark Cosby, CEO of Michaels in a statement. “We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members."
Nicole Crafts has hired Gordon Brothers to oversee the closure and liquidation of the A.C. Moore stores.
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