Kirk Leaves the Bridge

Baldwyn, Miss. —After 33 years with Hancock Fabrics, Inc., chairman and CEO Larry Kirk will retire from active involvement with the company no later than his 60th birthday in October, 2006.

Hancock's Board of Directors will commence a search for Kirk's successor and will consider both internal and external candidates to succeed as the company's CEO.

Kirk said, “I informed the board at the regular meeting in June that I did not wish to extend my commitment to the company past the age of 60. In our annual succession review that followed in September, plans were formalized for an orderly succession process with the knowledge that a thoughtful and deliberate search could require some time. Today's announcement is the necessary first step in that process.”

“In my eight years as CEO, there were a number of key objectives that I wanted to accomplish, the last of which is a successful transition of leadership. I will assist the board in any way that I'm asked in the succession process. During that time, my duty and responsibility to the company will not change, and I intend to be fully engaged in the business of Hancock Fabrics,” Kirk said.

“I appreciate the opportunity that I've had to lead Hancock Fabrics during a period of unprecedented change in fabric retailing, and I treasure the relationship that I've had with the very special people of this company. Until a new CEO is selected and in place, I pledge to them and to our stakeholders my total commitment to Hancock Fabrics,” Kirk concluded.