A.C. Moore names interim CEO
A.C. Moore has named its chief operating officer as interim CEO while it looks to replace Rick A. Lepley, who is retiring as chief executive effective March 31, the company announced this morning.
A.C. Moore has named its chief operating officer as interim CEO while it looks to replace Rick A. Lepley, who is retiring as chief executive effective March 31, the company announced this morning.
Joseph A. Jeffries will hold the dual posts effective on that date, said the Berlin, Camden County-based arts and crafts retailer.
Lepley will be a consultant to the company over the next year.
Just one week ago the company reported that it had narrowed its loss for the latest quarter and for the last year, with sales for the year ended Jan. 2 of $468.9 million, a decrease of 12.3 percent versus fiscal 2008 sales of $534.7 million.
The loss for the year was $25.9 million ($1.15 a share), reduced from a loss of $26.6 million ($1.31 a share) in the prior year.
"Obviously, we are not pleased with our performance for last year," Lepley said last Wednesday, when the results were released.
The first A.C. Moore store opened in Moorestown in 1985; as of Jan. 2, it runs 135 stores in the eastern United States.
Shares closed yesterday at $2.69, down 1 cent. The price has ranged from $1.46 to $5.63 in the last 52 weeks. - Roslyn Rudolph