The company, based in Berlin, Camden County, is no longer taking online orders as of Monday but will ship orders that have already been placed.
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C.E.O. Anthony Piperno said, "For over 30 years, our stores have been servicing the creative community with a vast selection of art and craft materials, with one common focus, the customer. 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."
Michaels Craft stores will assume the leases for up to 40 A.C. Moore locations on the east coast and a distribution center.
Those 40 locations will reopen under the Michaels name in 2020, but the individual stores have not yet been chosen.
Piperno said the move will allow A.C. Moore employees in those locations the opportunity to serve loyal customers.
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No time frame was given on that transition or the closing of the chain's other stores.
A.C. Moore's parent company, Nicole Crafts, has partnered with Gordon Brothers and brought on a Chief Restructuring Officer to assist in the closings.
A.C. Moore opened its first store in Moorestown, Burlington County in 1985.
In April of 2017, the company opened a 27,000 square foot flagship store at the corner of Broad & Chestnut Streets in Center City.
The company currently has more than 5,000 employees.