A.C. Moore Will Close Seven to 10 Stores

BERLIN, NJ-In the past two earnings conference calls in March and May, arts and crafts chain A.C. Moore officials indicated they had launched an initiative to study store-by-store performance with an eye on shuttering under-performing units. That effort took a step closer to completion when officials yesterday said that between seven and 10 stores would close by the end of 2008, and that it involves “exiting certain markets.”

A.C. Moore, which operates 139 stores from Maine to Florida, did not reveal where the targeted units are located. A statement from the company said only that they are located in “certain markets where [they] cannot achieve operating efficiencies.” The company had closed a total of just three stores over the past two years.

“Store closings are extremely difficult decisions because of the effect on our organization, our associates and our customers,” says Rick Lepley, A.C. Moore’s CEO, in a prepared statement. “However, we believe that these changes are necessary for the long-term prosperity of our company.