Parent company Nicole Crafts has revealed plans to close US-based arts and crafts chain A.C. Moore’s 145 retail stores.
The move, which is part of the company’s strategic plans, will see Nicole Crafts end its retail operations. It will retain Gordon Brothers’ retail and real estate divisions.
A.C. Moore opened its first store in Moorestown, New Jersey in 1985. It offers a selection of arts, crafts and floral merchandise.
Nicole Crafts has appointed Mackinac Partners Matthew Pascucci as chief restructuring officer of A.C. Moore.
A.C. Moore chief executive officer Anthony Piperno said: “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.
“During this process, we will continue to provide great customer experience, while still delivering quality and value on your favourite products. Plans for closing specific A.C. Moore locations will be shared in the upcoming weeks on our website. While we will stop accepting further online orders as of today, we will ship any previously placed orders in the ordinary course.”
As a part of the divestiture process, arts and craft specialty provider, The Michaels Companies has agreed to take over the leases of up to 40 stores. Michaels will also lease east coast distribution facility and also purchase intellectual property.
Michaels CEO Mark Cosby said: “This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in-store. We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members.”