The Michaels Companies, Inc. (NasdaqGS:MIK) agreed to acquire retail operations of A.C. Moore for $58 million on November 25, 2019. The purchase price is subject to certain adjustments, for the subject assets. Nicole Crafts has decided to exit its retail operations by retaining the retail and real estate divisions of Gordon Brothers to close the A.C. Moore stores, as part of a broader strategic plan. As part of the transaction, The Michaels Companies Inc., will assume leases for up to 40 store locations and a lease on an east coast distribution facility plus purchase intellectual property which will allow the Company to enhance its position as the largest arts and crafts retailer in North America. The A.C. Moore stores are expected to re-open under the Michaels banner in 2020. A.C. Moore is no longer taking online orders as of Monday but will ship orders that have already been placed. A.C. Moore employees in 40 locations have the opportunity to serve loyal customers. Matthew Pascucci of Mackinac Partners has been appointed as Chief Restructuring Officer of A.C. Moore to assist in this effort. Don McDermett, Jon Platt, Sara Jones, Cynthia Cole, Steve Marcus, Matthew Hunsaker, Samir Bhavsar, Paul Reilly, Connie Taylor, Paul Cuomo, Michael Bodosky and Omar Alaniz of Baker Botts acted as a legal advisor to Michaels in this transactions. The Michaels Companies, Inc. (NasdaqGS:MIK) cancelled the acquisition of retail operations of A.C. Moore on May 29, 2020.