A.C. Moore, the New Jersey-based arts and craft chain, is shutting down operations at all of its 145 locations, the retailer announced late Monday.
As part of the transaction, craft giant Michaels will assume leases for up to 40 A.C. Moore store locations.
Anthony Piperno, Chief Executive Officer of A.C. Moore, said it had become too difficult for the retailer to continue its operations. The store planned to stop accepting online orders by Tuesday, but would ship any previously placed orders “in the ordinary course.”
“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,” Piperno said in a statement released to media. “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 favorite products.”
Plans for closing specific A.C. Moore locations will be shared in the upcoming weeks on the company’s website, Piperno said.
Michael’s CEO Mark Cosby said in a press release that, “We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members.” Prior to A.C. Moore takeover, Michael’s had over 1,250 stores across 49 states and Canada.
Piperno also added that “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— allowing teams to continue serving the brand’s loyal customers and employ our valued team members in those locations. 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.”
A.C. Moore is the latest widely-known retailer to close. Recently, Forever 21 delcared bankruptcy and is said it would shut down 200 stores. Barney’s also recently announced that it is closing all stores except the New York City Flagship.
