Janney Montgomery Scott Helping A.C. Moore Explore Strategic Alternatives

A.C. Moore, a specialty craft retailer that also carries a selection of home furnishings and housewares, today announced that its board of directors is exploring strategic alternatives to current ownership that may include a sale of the company.
The retailer also is weighing the pursuit of new corporate financing or capital raise. Janney Montgomery Scott LLC will serve it as financial advisor in this process, the company announced.
In a statement, A.C. Moore said it has received a third party expressions of interest but does not intend to disclose any developments regarding its exploration of strategic alternatives unless the board has approved a specific transaction.
A.C. Moore noted that it ended fiscal 2010 with more than $35 million in cash, as forecasted during its investor conference call for the third quarter. Through the first three quarters of the current fiscal year, the retailer posted sales of $304.9 million, a decrease of 4.5% from the 2009 period. A.C. Moore blamed the decline primarily on a 5.9% decrease in comparable store sales partially offset by the operations of two new stores.