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Hancock Fabrics: New York
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BALDWYN, Dec 22, 2007 (Northeast Mississippi Daily Journal - McClatchy-Tribune Information Services via COMTEX) -- HKF | charts | news | PowerRating -- Hancock Fabrics on Friday reported a loss of $17,000 for the month ended Dec. 1. Sales for the period came in at $27.1 million, compared with $25.1 million in the period ended Nov. 3.
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HANCOCK FABRICS BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
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Hancock ... has developed a plan to build new store fixtures for its remodeled stores. By doing it in-house, Hancock said it will save more than 50 percent compared with an outside manufacturer. The retailer also redesigned and shortened the store opening process. No additional details were provided.
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On May 22, 2007, United States Trustee Kelly Beudin Stapleton appointed an Official Committee of Equity Security Holders in the Hancock Fabrics, Inc. case (07-10353 (BLS)). The members of the committee are Berg & Berg Enterprises LLC of Cupertino, California, Trellus Management of New York and Warren B. Kanders of Stamford, Connecticut. Sonnenschein Nath & Rosenthal of New York and Morris Nichols Arsht & Tunnell LLP of Wilmington, Delaware will serve as counsel to the equity committee.
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The next 15 years brought strong sales growth and earning gains for Hancock. Sales in 1985, for example, totaled $281.6 million, with $18.6 million in net earnings. By 1988, sales rose to $315.4 million, and net earnings grew to $22.0 million. Hancock continued opening more new and larger stores and upsizing existing smaller stores throughout the 1980s. The retailer employed 5,265 people in 320 stores during 1985, expanding to 366 stores with 6,051 employees in 1988.
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