(Gray News) - The parent company of A.C. Moore craft stores has decided to get out of the retail business, the company announced in a Monday news release.
Most of the 145 A.C. Moore stores will be closed, while others will be rebranded into Michael’s craft stores.
Anthony Piperno, A.C. Moore’s CEO, blamed an unfavorable retail environment for the move.
“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,” he said. “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.”
Until the decisions are implemented, stores will still offer “great customer experience, while still delivering quality and value on your favorite products,” Piperno said.
A list of stores to be closed will be listed on the company’s website in the coming weeks, the company said.
Michael’s will pick up the leases and convert up to 40 A.C. Moore stores in 2020, as well as a distribution facility and intellectual property.
"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,” Michaels CEO Mark Cosby said.
Major retailers have jettisoned nearly 8,000 stores as of August this year, with most of the bloodletting in apparel, Coresight Research said.