A.C. Moore Arts and Crafts was a beloved destination for crafty enthusiasts, but its story is one of a rise and fall that's worth exploring. Founded in 1946 by Albert C. Moore, the company started as a small craft store in Moorestown, New Jersey.
The chain expanded rapidly, with over 140 stores across the Eastern United States by 2006. This was also the year A.C. Moore began to face increased competition from online retailers like Amazon and craft stores like Michaels.
As the craft industry evolved, A.C. Moore struggled to adapt, leading to a decline in sales and store closures. By 2019, the company had reduced its store count to just 41 locations.
History of A.C. Moore
A.C. Moore was founded as a single arts and crafts store by Jack Parker and William Kaplan in 1985 in Moorestown, New Jersey.
Jack Parker, the president, had a background in merchandising from Woolworth's.
A.C. Moore went public in October 1997.
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Decline and Closure
A.C. Moore's sales peaked at $598 million in 2006, but numbers declined in the following years.
The company's cash crunch led to a merger with Sbar's, an art supplies distributor, in 2011, with A.C. Moore becoming a subsidiary of Nicole Crafts.
By 2019, A.C. Moore was struggling to compete on a national level, citing "headwinds facing many retailers in today's environment."
A.C. Moore announced in November 2019 that it would close all 145 of its locations, with some stores closing as early as December 15, 2019.
The company sold leases for up to 40 locations, a distribution center, and intellectual property assets to Michaels, a competing arts and crafts retailer.
As of July 2020, all A.C. Moore stores had been closed, and Michaels had taken over its distribution facility.
The craft space has been facing tough online competition from Amazon, Etsy, and other brick-and-mortar rivals like Target and Joann.
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Store Closures
A.C. Moore closed all 145 of its stores in 2019, with some locations closing as early as December 15, 2019.
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The company's parent, Nicole Crafts, sold the leases for up to 40 locations, a distribution center, and unspecified intellectual property assets to Michaels, a competing arts and crafts retailer.
Michaels will reopen up to 40 of the closed A.C. Moore locations under its own brand in 2020, expanding its presence in strategic markets and serving more customers online and in-store.
The store closures were part of a larger trend, with nearly 9,100 store closures announced in 2019, 55% higher than total closures in 2018, according to Coresight Research.
A.C. Moore's website stopped accepting online orders in 2019, but previously placed orders still shipped.
The company's closure was a result of the headwinds facing many retailers in today's environment, making it difficult for A.C. Moore to operate and compete on a national level.
The craft space, including arts and crafts retailers, has been facing tough competition from online sellers like Amazon, Etsy, and brick-and-mortar rivals like Target and Joann.
A.C. Moore's parent company, Nicole Crafts, acquired the company in 2011 through a merger with Sbar's, an art supplies distributor, for $1.61 per-share, a valuation of $41 million.
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Frequently Asked Questions
Did Michaels buy out A.C. Moore?
A.C. Moore was not fully bought out by Michaels, but rather, Michaels acquired some of its locations, a distribution center, and intellectual property assets. The acquisition was a result of A.C. Moore's decision to close all 145 of its locations in 2019.
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