A.C. Moore has become the latest company to abandon traditional-brick-and-mortar retail stores as part of a “broader strategic plan.”
Nicole Crafts, A.C. Moore’s parent company, announced on Monday, Nov. 25, that it would be closing down all of its 145 arts-and-crafts stores, including in New York and Connecticut, as part of the mass restructuring.
"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,” Anthony Piperno, Chief Executive Officer of A.C. Moore 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.”
As part of the deal, as many as 40 store locations and an east coast distribution facility will be converted into Michael’s properties.
"This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in-store," Michaels CEO Mark Cosby noted. ”We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members."
Piperno said that during the process, the company “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 have not been released. The company has stopped accepting further orders, but any previously placed orders will be shipped regularly.
“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,” Piperno added in a statement.
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