Hancock Fabrics Starts Going-out-of-Business Sales
Posted on April 4, 2016
Hancock Fabrics is starting going-out-of-business sales after filing for bankruptcy protection in February, 2016. The liquidation sales are being handled by Great American Group.
Hancock Fabrics initially intended to restructure. Going-out-of-business sales for the 185 Hancock Fabrics stores started on April 1st. The company operates approximately 255 retail stores in 37 states as well as an online store. The retailer is offering 20% to 50% off items in its stores during the closing sale.
Scott Carpenter, president of GA's Retail Solutions division, says in a statement, "Our team has worked closely with Hancock Fabrics in a range of capacities over the years. Now, our task will be discounting all of the merchandise in the stores until it is completely liquidated. Loyal customers and the general public will be able to shop in the stores and receive significant savings on a wide variety of quality merchandise, just in time for their prom and bridal purchases. We expect the going-out-of-business sales to last several weeks before all of the merchandise is sold in the remaining locations."
Great American Group says the sales are expected to run for several weeks before all the merchandise is sold.