Crafts retailer Michaels will assume up to 40 A.C. Moore store leases.
BERLIN, NJ—Crafts retailer A.C. Moore will be shuttering all of its more than 145 stores along the eastern seaboard, the company's parent has announced.
Locally-based Nicole Crafts, the parent company of A.C. Moore, announced that it was exiting its retail operations and has hired the retail and real estate divisions of Gordon Brothers to close the A.C. Moore stores located from Maine to Florida.
As part of the transaction, The Michaels Companies Inc., which is headquartered in Irving, TX. will assume leases for up to 40 store locations and a lease on an east coast distribution facility and purchase intellectual property, which will allow the company to enhance its position as the largest arts and crafts retailer in North America.
Michaels CEO Mark Cosby says the retailer plans to re-open some A.C. Moore locations in 2020.
Anthony Piperno, CEO of A.C. Moore, says, "For over 30 years, our stores have been servicing the creative community with a vast selection of art and craft materials, with one common focus, the customer. 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."
He adds that specific store closure plans will be released in upcoming weeks on the company's website. The firm has stopped accepting online orders, but says it will ship any previously placed orders.
A.C. Moore operates its corporate headquarters and a distribution facility in Berlin, NJ, as well as offices and distribution centers in Moorestown, NJ, Chicago and Ningbo, China. Nicole Crafts has appointed Matthew Pascucci of Mackinac Partners as chief restructuring officer of A.C. Moore to assist in the store closure effort.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
