Hancock Fabrics
| Hancock Fabrics logo | |
| Public | |
| Traded as | OTC Pink (Limited Information): HKFIQ |
| Industry | Retail |
| Founded | 1957 (Tupelo, Mississippi, U.S.) |
| Defunct | 2016 (estimated) |
| Headquarters | Baldwyn, Mississippi, United States |
|
Number of locations
|
266 (2008) |
|
Key people
|
Steve Morgan (CEO) |
| Website | www.hancockfabrics.com |
Hancock Fabrics is a specialty retailer of crafts and fabrics based in Baldwyn, Mississippi, United States. Hancock Fabrics operated as many as 266 stores in 37 states under the Hancock Fabrics name.[1] As of April 2016[update], all stores are in bankruptcy liquidation.
History
The company, founded in 1957 in Tupelo, Mississippi by Elaine and Lawrence Doyce (L.D.) Hancock, started out as a cost-efficient retail store and offered a greater selection of merchandise to its customers at lower prices.[2] By 1971, when Lucky Stores bought Hancock Fabrics, the chain owned 81 stores and had 265 additional franchise stores in 19 states.[3]
In 1985, it acquired Minnesota Fabrics based in Charlotte, North Carolina, which operated over one hundred stores under the names Minnesota Fabrics and Fabric Warehouse.
Lucky Stores demerged Hancock in 1987, floating it as a public company.[4]
By 1992, the company was one of seven major retail piece-goods chains operating 482 stores in the United States.[2]
On March 21, 2007, Hancock Fabrics announced it would file for Chapter 11 bankruptcy.[5] The company closed 104 stores and emerged from bankruptcy in August 2008.[1] In 2014, Hancock announced plans to take the company private,[6] then withdrew the proposal.[7][8]
On April 1st, 2016, the U. S. Bankruptcy Court approved the sale of the remaining assets to Great American Group, who announced that the remaining 185 stores will be closed and their assets liquidated bringing an end to the retailer. [9]
References
- ↑ 1.0 1.1 Hancok Fabrics was established by the late Lawrence D. Hancock. Hancock Fabrics Investor Overview]
- ↑ 2.0 2.1 Hancock Fabrics, Inc. -- Company History
- ↑ Claudia H. Deutsch, "Lawrence Doyce Hancock, 85, Entrepreneur and Philanthropist", New York Times, October 29, 1998. Retrieved May 7, 2015.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Hancock Fabrics Files for Chapter 11 Reorganization
- ↑ "Miss.-based Hancock Fabrics plans to go private", Associated Press in The Washington Times, April 26, 2014.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ "Hancock Fabrics drops plan to go private", WAPT, August 6, 2014. Retrieved May 7, 2015.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
