Nicole Crafts has decided to exit its retail operations by retaining the retail and real estate divisions of Gordon Brothers to close the A.C. Moore store chain, as part of a broader strategic plan. A.C. Moore has more than 145 stores on the east coast.
Matthew Pascucci of Mackinac Partners has been appointed as chief restructuring officer of A.C. Moore to assist in this effort.
Anthony Piperno, CEO of A.C. Moore 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 favorite 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 part of the initiative, Michaels Companies will assume leases for up to 40 store locations and a lease on an east coast distribution facility plus 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, noted, “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 reopening these stores under the Michaels name in 2020 and welcoming new team members.”
Piperno added, “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.”