"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," A.C. Moore's Chief Executive Officer Anthony Piperno said.

However, the release also noted that Michaels stores will be taking over up to 40 store locations - growing the brand significantly on the east coast with a distribution facility.

The company said they believed the transaction with Michaels was the best option for their employees, customers, vendors, landlords and other key stakeholders.

Further news on A.C. Moore's closing will be shared in the coming weeks, the release said.