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Hancock Fabrics: Company
built 161 days ago
Hancock Fabrics is a retail and wholesale merchant of fabric and related home sewing and decorating accessories. The company operates 430 stores in 42 states and supplies over 100 independent wholesale customers.
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Through careful piecing and pinning, Hancock Fabrics has become a leading nationwide fabric chain (behind Jo-Ann Stores). The company caters to customers who sew by offering fabrics, crafts, as well as sewing machines and accessories through about 300 stores (down from more than 400 in 2007) in some 35 states. Hancock Fabrics ... operates an online store. To compensate for the waning popularity of sewing clothes, the company has expanded its selection of home decorating products, including drapery and upholstery fabrics and home accent pieces. Still, slumping sales led the firm to file for Chapter 11 Bankruptcy protection in March 2007 and shutter many stores while it tries to mend its fraying business.
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To encourage growth, Hancock Fabrics plans to continue its current programs and develop new products and services, Mahoney says. The company will continue to push the importance of the home decor category - regardless whether a customer needs to outfit a room in a house or a dorm. She stresses that Hancock Fabrics offers "something for every age and products at all price points," which allows it to offer something for everyone.
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Hancock Fabrics Inc. filed its 10-K on February 19, 2008 for the period ending February 03, 2007. In this report its auditor, Burr, Pilger & Mayer LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
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Hancock Fabrics ... assists its customers by offering a variety of classes at its stores. Each month, most of the company's locations offer their local community a variety of instructional classes, which cover topics such as creative quilting, learning to knit or crochet, the basics of sewing and design-to-fit patterns. Additionally, the company provides guides to free projects on its Web site.
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Hancock Fabrics Inc. March 21 announced that it has filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware, according to news reports. The company's subsidiaries reportedly are ... seeking bankruptcy protection. In filing the petitions, the company hopes to improve its operating performance, reduce its secured debt over time, and close underperforming locations, news reports indicate.
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