A.C. Moore going out of business; some stores to reopen as Michaels
The A.C. Moore chain of arts and crafts stores is calling it quits.
Parent company Nicole Crafts has decided to exit its retail operations as part of a broader strategic plan. The company has retained the retail and real estate divisions of Gordon Brothers to close A.C. Moore stores. (A.C. Moore operates more than 145 stores.)
Michaels Companies, which operates some 1,260 stores nationwide, will assume leases for up to 40 A.C. Moore locations along with a lease on an East Coast distribution facility. It will also purchase intellectual property. The A.C. Moore 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. “While it was a difficult decision for us, this transaction will result in a group of stores reopening under the Michaels banner subject to negotiations with landlords. 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."
Michaels said the transaction will enable to further expand its presence in strategic markets and serve even more customers both online and in store.
A.C. Moore said it will disclose store closings for specific locations in the upcoming weeks on its website. The retailer has stopped accepting further online orders as of Nov.25, but said it will ship any previously placed orders in the ordinary course.
The first A.C. Moore store opened in 1985, in Moorestown, New Jersey. In addition to its stores, the company offers its own Nicole line of products, including Premiere, Stitch Studio, Nicole's Kitchen, Bright Minds, Nicole's Boutique, Nicole's Bead Shop.
During this process, we will continue to provide great customer experience, while still delivering quality and value on your favorite products.”
Matthew Pascucci of Mackinac Partners has been appointed as chief restructuring officer of A.C. Moore to assist in this effort.