NEW YORK (Thomson Financial) - A.C. Moore Arts & Crafts Inc. Monday said it
would close 7 to 10 stores as part of its plan to exit certain markets where it
can't achieve desired operating efficiencies.
The company sees charges of $7 million to $9 million as a result of the
store closings.
The decision follows a review of its real estate portfolio, and was made in
light of the current macro-environment for retail.
A.C. Moore said it would open between 8 and 12 new stores in 2008, down from
a previous expectation of 14 new stores.
Shares of the arts and crafts retailer closed Friday at $7.70. The stock is
down 65% over the past 52 weeks.
Ryan Vlastelica
rv/tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|