A.C. Moore to Shutter Seven to 10 Stores
Berlin, N.J. Arts and crafts retailer A.C. Moore Arts & Crafts Inc. said Monday it will close between seven and 10 locations in 2008.
The company said the decision to close the stores was based on the results of a real estate portfolio review. During that review, A.C. Moore said it identified underperforming locations to determine which stores "are no longer strategically or economically viable."
The company said it expects to report expenses between $7 million and $9 million in 2008 related to the impairment analysis and store closures.
A.C. Moore added it will also open between eight and 12 stores in 2008. Previously, the company had said it expected to open 14 stores during the year.
The company said it will consider moving some existing stores "to take advantage of the current real estate environment."
A.C. Moore said it is also working with state and local authorities to expand its distribution center in Berlin, N.J. If it goes ahead with the expansion, the company said it will not build a second distribution center.