Key Developments For A.C. Moore Arts & Crafts Inc
A.C. Moore Arts & Crafts Inc (ACMR.O) (Nasdaq)
A.C. Moore Arts & Crafts Completes $10.0 Million Private Placement
A.C. Moore Arts & Crafts announced that the Company completed a $10.0 million private placement pursuant to which it issued 4,000,000 shares of the Company's common stock priced at $2.50 per share. The Company will use the proceeds for general working capital purposes.
David Stern Joins A.C. Moore Arts & Crafts as Chief Financial Officer
A.C. Moore Arts & Crafts announced that David Stern will join the Company as its Executive Vice President and Chief Financial Officer effective June 8, 2009.
A.C. Moore Arts & Crafts Announces Departure of Michael Zawoysky As Chief Financial Officer
A.C. Moore Arts & Crafts announced the resignation of Michael G. Zawoysky, effective April 24, 2009. Mr. Zawoysky, the Company's Executive Vice President and Chief Financial Officer, will pursue a career opportunity in the private equity sector. The Company will be conducting a search for a new Chief Financial Officer.
A.C. Moore Arts & Crafts Appoints Michael G. Zawoysky As Chief Financial Officer
A.C. Moore Arts & Crafts announced the appointment of Michael G. Zawoysky as Executive Vice President and Chief Financial Officer.
A.C. Moore Arts & Crafts Plans To Close Store Locations In 2008
A.C. Moore Arts & Crafts announced results of its real estate portfolio review. The Company previously disclosed that this initiative was underway during its last two earnings conference calls on March 24, 2008 and May 12, 2008. As a result of this review, and in light of the current macro-environment for retailing, the Company determined on June 5, 2008 to exit certain markets where it cannot achieve desired operating efficiencies. As part of the real estate portfolio review referenced above, the Company reviewed store performance and future prospects to identify underperforming locations and assess closure of those stores that are no longer strategically or economically viable. As a result of this analysis, the Company expects to close between seven and 10 store locations in 2008. The Company previously announced its intention to open 14 new stores in 2008. The Company now expects that new store openings in the current calendar year will total between eight and 12 stores.
