A.C. Moore Receives Nasdaq Notice Regarding Delayed Filing of Form 10-Q

A.C. Moore Arts & Crafts, Inc. (Nasdaq:ACMR) (“A.C. Moore” or the “Company”) announced today that it had received a Nasdaq Staff Determination letter dated November 15, 2007 indicating that the Company was not in compliance with the filing requirements for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14) because the Company had not yet filed its quarterly report on Form 10-Q for the quarter ended September 30, 2007. As a result, A.C. Moore’s shares of common stock are subject to delisting from The Nasdaq Stock Market. Pursuant to Nasdaq Marketplace Rules, whenever the Staff of the Nasdaq Listing Qualifications Department determines that a listed company does not meet a Nasdaq continued listing standard, the Staff notifies the company of such non-compliance.

On November 16, 2007, A.C. Moore requested a hearing before a Nasdaq Listing Qualifications Panel (the “Panel”) to appeal the Nasdaq Staff’s determination. This request will stay the delisting until the appeal has been heard and the Panel has rendered its decision. Pending a decision by the Panel, A.C. Moore will remain listed on The Nasdaq Stock Market. There can be no assurance that the Panel will grant the Company’s request for continued listing.

Due to the Company’s continuing review of its inventory accounting methods as previously disclosed in its Form 8-K and press release dated October 24, 2007, A.C. Moore was unable to file its Form 10-Q for the quarter ended September 30, 2007 by the due date of November 9, 2007. The Company currently anticipates that it will be able to file the Form 10-Q for the third quarter 2007 and any prior financial statements requiring restatement during the first quarter of 2008, subject to completion of the year-end inventory, internal inventory accounting review and restatement process. Upon filing its third quarter 2007 Form 10-Q, A.C. Moore anticipates that it will be in compliance with Nasdaq Marketplace Rule 4310(c)(14).

About A.C. Moore:

A.C. Moore operates arts and crafts stores that offer a vast assortment of traditional and contemporary arts and crafts merchandise for a wide range of customers. The Company operates 134 stores in the Eastern United States from Maine to Florida.

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For more information visit www.acmoore.com.

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