Arts and crafts retailer A.C. Moore is hanging up its brush, announcing plans Monday to close all 145 of its stores in the coming weeks. And in becoming the latest casualty of the retail apocalypse, it could give another boost to one of its biggest competitors.
As part of the shutdown, art and craft store Michael’s will assume leases for as many as 40 A.C. Moore locations and a lease on an east coast distribution facility. Michael’s will also purchase undisclosed A.C. Moore intellectual property.
That could give a boost to Michael’s, which has already seen its stock soar 70% since late August.
“While it was a difficult decision for us, … we believe the transaction was the best option for our employees, customers, vendors, landlords, and other key stakeholders,” said Anthony Piperno, CEO of A.C. Moore in a statement.
As it transitions to clearance sales during the holiday shopping period, A.C. Moore has stopped taking orders on its website, but says previous orders will be fulfilled. The company had already distributed circulars for its Black Friday sales, scheduled for this week. A spot check of calls to A.C. Moore locations indicates those sales will still take place this week.
Clearance sales are expected to begin in the coming weeks.
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