All Hancock Fabrics stores will soon be going out of business, including nine in South Carolina, after the company liquidated following its bankruptcy filing in February.
Hancock Fabrics, Inc. filed for Chapter 11 bankruptcy on Feb. 2. Chapter 11 protection is generally provided for reorganization, usually involving a corporation or partnership. The Great American Group (GA) was the highest bidder in the bankruptcy auction by the U.S. Bankruptcy Court for the assets and inventory of Hancock Fabrics and had helped the Mississippi-based chain liquidate 70 of its stores.
Hancock officials had hoped to attract a bidder who could keep its 185 remaining stores open, but the winning bid on March 31 was a backup offered by Great American after no other companies came forward.
B. Riley Financial, GA’s parent company, decided to close all remaining 185 stores shortly after they were recognized by the state of Delaware as the successful bidder. The GA will manage the going-out-of-business sales for all Hancock Fabrics stores beginning April 1. The sales are expected to last several weeks before all of the merchandise is sold.
South Carolina store closure locations include: Anderson, Charleston, two in Columbia, Florence, Greenwood, Greenville, North Charleston, and Rock Hill.
“Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years,” Scott Carpenter, president of GA’s Retail Solutions division said in a press release. “This has given us a deep understanding of Hancock’s inventory and assets, which ultimately allowed us to prevail as the highest bidder.”
Kimberly Washington contributed to this report