It’s AC no Moore, as another retail chain falls victim to challenges sweeping the industry.
New Jersey-based arts-and-crafts retail chain AC Moore will be closing all of its 145 stores across the country, and up to 40 will see their leases taken over by a larger competitor, the Michaels Companies. AC Moore’s parent company, Nicole Crafts, announced the decision on Monday, the New York Post reported.
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“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,” AC Moore CEO Anthony Piperno said in a statement.
More details on the store closing timeline are set to come out in the coming weeks, and the company also plans to stop accepting online orders.
Michaels CEO Mark Cosby (Credit: LinkedIn)
The stores that Michaels takes over are set to reopen next year. “This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in store,” Michaels CEO Mark Cosby said.
Michaels, whose portfolio includes more than 1,260 stores in the U.S. and Canada, will also be picking up an East Coast distribution facility and “intellectual property” from AC Moore as part of the deal. [NYP] — Kevin Sun