It has been announced in the week that AC Moore is going to shut all of its stores of arts and crafts.
The retailer which is based in New Jersey is going to close over 145 stores that are scattered largely across the East Coast as announced by its parent company Nicole Crafts on Monday. Michaels which is a chain for larger crafts is going to take the leases over for 40 of these as per the company.
The CEO of AC Moore, Anthony Piperno has linked this shutdown to the broader struggles of the industry. The numbers which had been reported by Macy’s and Kohl’s recently reflect the downfall of sales as there is stiff competition which is being faced due to the online retailers like Amazon.
He said that with the given troubles that a lot of retailers are facing in the environment today, it is really difficult for them to operate at a level nationally.
The timeline for store closure has not been given however Piperno has said that there will be more details announced in the weeks to come. The company has also stopped the acceptance of online orders from this Monday onwards as per him.
The deal of AC Moore with Michael is going to let the giant of arts-and-crafts expand their portfolio of stores in USA and Canada. The number of stores stands at over 1,260.
Michaels is also going to take over the lease of AC Moore on the distribution facility in the East Coast and also buy intellectual property in this transaction as per a release of news.
Michaels CEO has said that this transaction is going to help them expand in strategic presence.