Hancock Closing 30 Stores
By Staff -- Home Textiles Today, 2/13/2007 12:00:00 AM
Baldwyn, Miss. —
Craft and fabric retailer Hancock Fabrics said it will close 30 stores, "representing approximately $18 million in annualized sales." A firm has been engaged to maximize recovery of lease commitments, and another company has been retained to run liquidation sales during the first quarter of 2007.
The company said on a four-week to four-week comparison, January same-store sales were down 4.0%. Comps dropped 4.9% for the fourth quarter, and were down 1.9% for all of 2006. Hancock Fabrics currently operates 403 stores in 40 states, and an online shop at www.hancockfabrics.com.
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