Hancock Fabrics

Hancock Fabrics

File:Hancock Fabrics logo.svg
Company type	Public
Traded as	Template:OTC Pink
Industry	Retail
Founded	1957 (1957) (Tupelo, Mississippi, U.S.)
Defunct	Template:End date and age
Fate	Chapter 11 Bankruptcy Liquidation
Headquarters	Baldwyn, Mississippi , United States
Number of locations	185 (at the time of closure)
Key people	Steve Morgan (CEO)
Number of employees	N/A
Website	www.hancockfabrics.com

Hancock Fabrics was a niche retailer specializing in craft supplies and fabrics, headquartered in Baldwyn, Mississippi, United States. The company operated up to 266 outlets across 37 states under the Hancock Fabrics brand. Founded by the late Lawrence D. Hancock, the business ceased operations entirely on July 27, 2016, when all its stores were shuttered.

Founding and early development

The origins of Hancock Fabrics trace back to 1957 in Tupelo, Mississippi, when Elaine (1922-2015) and Lawrence Doyce (L.D.) Hancock (1913-1998) launched the enterprise. It began as an affordable retail outlet focused on delivering a broader assortment of products at competitive prices to consumers.

By 1971, following its acquisition by Lucky Stores, Hancock Fabrics had expanded to own 81 stores and supported an additional 265 franchise locations spanning 19 states.

Expansion and corporate restructuring

In 1985, Hancock Fabrics expanded its footprint by acquiring Minnesota Fabrics, a company based in Charlotte, North Carolina, which operated over one hundred stores under the Minnesota Fabrics and Fabric Warehouse banners. Notably, Fabric Warehouse had previously been affiliated with Hancock prior to this acquisition.

Two years later, in 1987, Lucky Stores divested Hancock Fabrics by spinning it off as a publicly traded entity. By 1992, Hancock Fabrics had grown to become one of the seven leading retail chains specializing in piece-goods within the United States, operating a total of 482 stores nationwide.

Closure

On March 21, 2007, Hancock Fabrics declared its intention to seek protection under Chapter 11 bankruptcy. Subsequently, the retailer shuttered 104 locations and successfully exited bankruptcy proceedings by August 2008.

In 2014, the company revealed intentions to take the business private, though this plan was ultimately abandoned.

By April 1, 2016, the U.S. Bankruptcy Court authorized the transfer of Hancock Fabrics' remaining assets to Great American Group. Following this acquisition, Great American Group announced the closure of all 185 stores and initiated liquidation of their inventory. Later that year, in August 2016, Michaels Stores, Inc. disclosed its acquisition of Hancock Fabrics' intellectual property rights along with its customer database.

External links

• Hancock Fabrics Archived 2008-11-01 at the Wayback Machine