Sunday, February 7, 2016

Correction to A.C. Moore post

In discussing acquisitions in the craft and hobby industry, I mentioned the wrong company as having been sold.

Correction to A.C. Moore post

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In Wednesday’s column about a possible sale of A.C. Moore Arts & Crafts Inc., I mentioned other recent acquisitions of companies in the $28.3 billion craft and hobby industry, including Michaels Stores Inc. and Jo-Ann Stores Inc.

However, I incorrectly included a 40-year-old company as being sold that has never changed ownership. The privately held Hobby Lobby Stores Inc., of Oklahoma City, Okla., has 469 stores in 39 states and has been opening 25 to 35 stores a year for several years.

So how did it wind up in the column? There is a similarly named company, Hobby Lobby International Inc., a Brentwood, Tenn. company that makes and distributes radio-controlled airplanes, helicopters and boats. It was bought by a serial entrepreneur named Mark Cleveland in early 2009.

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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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