A.C. Moore to be acquired for $40.8 million

Berlin, N.J. — The 134-store arts and crafts chain A.C. Moore said Tuesday it has agreed to be acquired by an affiliate of arts and crafts distributor Sbar’s Inc. for about $40.8 million.

Last January, the company said it had formed a committee to review strategic alternatives, including a potential sale.

"After conducting a thorough review of alternatives, the special committee and the board of directors unanimously concluded that this transaction with Sbar's is in the best interest of our key stakeholders," chairman Michael J. Joyce said.

The company has reported a long string of quarterly losses for years, with its last positive showing at the end of 2007.