Arts-and-crafts chain A.C. Moore is closing its more than 145 stores, joiningof defunct retailers.
"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," Anthony Piperno, chief executive officer of A.C. Moore, said this week in a statement. The company stopped accepting online orders Monday, and will detail specific store closures in coming weeks, he added.
A larger competitor, the Michaels Companies, will take over leases for up to 40 store locations and an East Coast distribution facility, according to both companies. "We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members," stated Michaels CEO Mark Cosby.
"While it was a difficult decision for us, this transaction will result in a group of stores reopening under the Michaels banner," Piperno said.
A.C. Moore opened its first store in Moorestown, New Jersey, in 1985, and currently employs more than 5,000 people at more than 145 stores, a corporate office and distribution center in Berlin, New Jersey. It also operates offices and distribution centers in Moorestown, Chicago and Ningbo, China.
Michaels operates more than 1,260 stores in 49 states and Canada.
Word of the retailer's demise comes just over a month after another New Jersey retailer, Moorestown-based Destination Maternity, said it would close 183 stores. The maternity-apparel chain declared bankruptcy in October, saying it would seek a buyer.
Other retailers that closed this yearand .