Anthony Piperno, Chief Executive Officer of A.C. Moore made the announcement in a news release Monday.
"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."
Up to 40 locations will become Michael's stores.
"Plans for closing specific A.C. Moore locations will be shared in the upcoming weeks on our website. "
The A.C. Moore website stopped accepting online orders Monday. Previously placed orders will still ship, the company said.
"We believe the transaction was the best option for our employees, customers, vendors, landlords, and other key stakeholders and thank them for their many years of support," added Piperno.
More than 9,000 store closures have been announced in 2019, 55 percent higher than closures in 2018, reported USA Today.