LYCOS RETRIEVER 
Hancock Fabrics: Company
built 634 days ago
Hancock Holding Company is listed on NASDAQ (HBHC). Hancock Holding Company, a financial holding company, provides community banking services to individuals and small to middle market businesses primarily in Mississippi, Louisiana, and Florida. It offers various deposit products, including negotiable order of withdrawal, savings, money market, and time deposit accounts. The company's loan portfolio comprises commercial, consumer, leasing, and real estate loans. Hancock ... offers trust, consumer financing, mortgage lending, real property management, general insurance agency, and discount investment brokerage services, as well as markets credit life insurance products. As of December 31, 2005, it operated 100 banking offices and approximately 120 automated teller machines in Mississippi, Louisiana, and Florida.
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Hancock has ... negotiated a financing arrangement worth $105 million while an additional loan of up to $17.5 million is being discussed with another lender. The company said it was also closing 104 more stores apart from the 30 closings it announced early February. A national real estate firm has been chosen to help Hancock in disposing leases for the closing stores. The additional closings represent an estimated $75 million in yearly sales.
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Hancock's response to industry changes were calculated and effective. The company worked to improve the efficiency of its merchandise mix by adding complementary products to its stores and by discontinuing unproductive items. The retailer downplayed fashion apparel in favor of more popular merchandise categories such as home decorations, quilting, specialty fabrics, and seasonal goods.
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Hancock has filed a number of “First Day Motions” in the bankruptcy court to support its employees, customers, vendors and other stakeholders. Among other things, the court filings include requests to continue to pay Hancock’s employees and to fulfill the needs of the Company’s customers as they relate to gift cards, merchandise returns, classes and other services.
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Hancock, a fabric retail operation with more than 260 stores across the country, has been in business for 50 years. The company, founded in Tupelo, Miss., has a 650,000-square-foot warehouse, distribution and office facility here.
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Companies and individuals who provided goods and services to Hancock Fabrics, Inc. and haven’t been paid will ultimately need to file a proof of claim if they disagree with the amount the Company lists as being owed. A separate notice will be sent indicating the deadline for filing such proofs of claim and the amount the Company believes is owed. The Company does not anticipate that proofs of claim will need to be filed before mid-Summer, 2007. The disposition of those claims will be determined in the future.
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