AC Moore closing stores news is spreading today as the arts and crafts retailer plans to shut down its business.

Source: J. Michael Jones / Shutterstock.com

Here’s what to know about the AC Moore closing stores news.

• Nicole Crafts, the owner of the AC Moore brand, says that the store closures will cover all of its more than 145 locations.
• The reason given for AC Moore closing stores is the business is facing significant headwinds in the current retail industry.
• While AC Moore closing stores is bad news for crafters, there is a bright spot in the darkness.
• The Michaels Companies Inc. will be taking over 40 of these locations, as well as one distribution center.
• The plan is to have these locations open sometime in 2020.
• Michaels is already the largest arts and crafts store in the U.S. with over 1,260 locations.
• AC Moore plans to continue to offer services to customers until the closures are complete.
• However, it is no longer allowing for online orders.
• It will still be completing orders made prior to the store closure news.
• Finer details of when the stores will be closing down aren’t yet available.
• AC Moore CEO Anthony Piperno says the company will provide more information about this in the coming weeks.
• This information will be made available on the company’s website.
• Mackinac Partners’ Matthew Pascucci is also the new Chief Restructuring Officer of AC Moore.
• He will be working to assist with the store closures and restructuring of the business.

Shoppers will have to wait a bit longer to see when exactly the AC Moore closing stores plan will start.

As of this writing, William White did not hold a position in any of the aforementioned securities.