Hancock Fabrics will be closing all 185 of its remaining stores
after being purchased by liquidators Great American Group at a
bankruptcy option. The group will begin the liquidation process by
carrying out "going out of business sales" starting April 1 until all
remaining merchandise is sold. Photo by Ken Wolter/Shutterstock.com
LOS ANGELES, April 2 (UPI) -- Hancock Fabrics stores will close its remaining 185 stores nationwide after filing for bankruptcy protection earlier this year.
Great American Group, a liquidator, announced it was the highest bidder on the assets and inventory of the fabric retailer, which filed for Chapter 11 bankruptcy protection in early February.
"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," Scott Carpenter, of Great American Group, said. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."
On Friday, the stores began going-out-of-business sales that are expected to continue for several weeks until all merchandise is sold.
Hancock Fabrics originally planned to close just 70 stores and seek a buyer that would keep the remains stores open. The chain had also filed for bankruptcy in 2007, but only posted a profit in 2009 following a reorganization.
Great American Group, a liquidator, announced it was the highest bidder on the assets and inventory of the fabric retailer, which filed for Chapter 11 bankruptcy protection in early February.
"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," Scott Carpenter, of Great American Group, said. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."
On Friday, the stores began going-out-of-business sales that are expected to continue for several weeks until all merchandise is sold.
Hancock Fabrics originally planned to close just 70 stores and seek a buyer that would keep the remains stores open. The chain had also filed for bankruptcy in 2007, but only posted a profit in 2009 following a reorganization.
No comments:
Post a Comment