A.C. Moore has become the latest retail chain to announce the termination of its business and the closure of its stores.

Specializing in arts, crafts and floral merchandise, A.C. Moore opened its first store in Moorestown, New Jersey in 1985 and grew its retail network to 145 stores in the East Coast states stretching from Maine to Florida. In the Westchester and Hudson Valley region, A.C. Moore operates stores in Yorktown Heights, Wappingers Falls, Nanuet and Middletown. The chain does not have a Fairfield County presence but has four stores across Connecticut.

The Michaels Companies Inc., will assume leases for up to 40 store locations and a lease on a distribution facility, and will purchase intellectual property from A.C. Moore for an undisclosed fee. The company has yet to determine which stores will be transferred to Michaels and which will be shuttered.

“While it was a difficult decision for us, this transaction will result in a group of stores reopening under the Michaels banner subject to negotiations with landlords – allowing teams to continue serving the brand’s loyal customers and employ our valued team members in those locations,” said Anthony Piperno, CEO of A.C. Moore. “We believe the transaction was the best option for our employees, customers, vendors, landlords, and other key stakeholders and thank them for their many years of support.”