The parent company of A.C. Moore will be closing all 141 stores across the country, including the only location in Worcester County at Lincoln Plaza in Worcester.
Nicole Crafts made the announcement on Monday, saying the company has decided to exit its retail operations as part of a broader strategic plan.
Anthony Piperno, Chief Executive Officer 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 transaction, The Michaels Companies Inc., 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, said, “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 re-opening these stores under the Michaels name in 2020 and welcoming new team members.”
Whether or not the A.C. Moore Worcester location will become a Michael’s Stores hasn’t been announced. Online orders have been stopped as of Monday, Nov. 25.
Nicole Crafts will retain the retail and real estate divisions of Gordon Brothers. Matthew Pascucci of Mackinac Partners has been appointed as Chief Restructuring Officer of A.C. Moore to assist in this effort.
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.”
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