Nicole Crafts to close A.C. Moore arts and craft retail business
Nicole Crafts, the parent company of US crafts retailer A.C. Moore, is exiting its retail business and intends to close most of its locations.
The proposed move is part of the company’s strategic plan. The company will, however, retain the retail and real estate divisions of Gordon Brothers, a business management consultant based in Boston.
A.C. Moore, which opened its first store in Moorestown, New Jersey in 1985, provides a selection of arts, crafts, and floral merchandise.
The crafts retailer has 145 plus stores and has offices and distribution centers in Moorestown, Chicago, and also in Ningbo, China.
Nicole Crafts appointed Matthew Pascucci of Mackinac Partners as Chief Restructuring Officer of A.C. Moore to assist in the divestment.
Nicole Crafts to close A.C. Moore arts and craft retail business. Photo courtesy of John Phelan/Wikipedia.org.
Anthony Piperno – CEO 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.”
As part of the divestiture, The Michaels Companies will take over leases for up to 40 store locations of A.C. Moore. Michaels will also lease on an east coast distribution facility apart from purchasing intellectual property to enable it to gain a stronger footprint as the largest arts and crafts retailer in North America.
Mark Cosby – Michaels CEO 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.”