Hancock Fabrics stores to close by July 31
TUPELO, Miss. (AP) – The liquidation of Hancock Fabrics is expected to be completed by July 31. That’s according to a filing with the Securities and Exchange Commission on Monday.
Great American Group of California is conducting the sale of merchandise – along with furniture, trade fixtures and equipment – at the company’s remaining 185 stores. Last Thursday, Great American’s bid for the rest of Hancock’s stores received approval from the U.S. Bankruptcy Court of Delaware. The company was already liquidating another 70 stores identified as underperforming during Hancock’s Chapter 11 filing in February.
The Northeast Mississippi Daily Journal reports (http://bit.ly/1V6vwuf) the SEC filing reveals that Hancock will receive a guaranteed amount of at least 121.4 percent of the aggregate cost value of the merchandise sold. That payment will be between $61 million to $68 million.
