Posted on 04/04/2016 10:48:34 AM PDT by Lorianne
Hancock Fabrics stores will close its remaining 185 stores nationwide after filing for bankruptcy protection earlier this year.
Great American Group, a liquidator, announced it was the highest bidder on the assets and inventory of the fabric retailer, which filed for Chapter 11 bankruptcy protection in early February.
"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," Scott Carpenter, of Great American Group, said. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."
On Friday, the stores began going-out-of-business sales that are expected to continue for several weeks until all merchandise is sold.
Hancock Fabrics originally planned to close just 70 stores and seek a buyer that would keep the remains stores open. The chain had also filed for bankruptcy in 2007, but only posted a profit in 2009 following a reorganization.
(Excerpt) Read more at upi.com ...
Another Obama success story! Business is booming! /sarc
My grandmother worked in a Hancock Fabric store back in the 1960s.
To be honest, I thought they had gone out of business many years ago. Of course, middle aged men are not exactly in their primary customer demographic.
Darn the luck. Just when all their employees in California were set to get paid 15 dollars an hour.
They were very good stores.
Now days few people know how to saw a stitch other than grandmas and sailors.
The mama's are government indoctrination center graduates and THEY never learned home ec and the daughters certainly are no seamstresses ... thus .... the fabric stores die
Just like snail mail and newspapers and canning and ....
[Hancock Fabrics stores closing nationwide]
Greatest Economic Recovery ever!!! Thank you, Obama!!
And thank you, liberals, for voting in the Usurper!
Feel the Bern.
OH NO. I still have about $40 on a gift card there. Must get out and spend it this week.
Another company that didn’t adjust. The other craft stores have been eating their lunch for a while. They almost died a few years ago, started sputtering back, but never really made the statement of why you should go to them for just fabric instead of the broader stores.
It is amazing how few can sew a stitch indicated by how many people at church that ask my wife to do the simplest things. She was doing something all the time and not liking it until I told her to say no or charge for her time
The initial launch of websites like etsy gave crafts a real boost some years back, but then the crafters found out it takes more work to sell your crafts than make them! The DIY revival has settled down a bit, though it’s good that more people have been exposed to the joys of making stuff.
This is very frustrating for sewists. JoAnn’s is the most poorly managed business I have ever run across. I avoid going there at all costs. This leaves me with little options for garment sewing.
I am a fifty-something male. When I was 24 I lived on my own in a very rural county where nearly EVERY woman in my age group was already married.
The upside of that is today I can still do my own sewing and ironing if required. Like cooking it’s one of those survival skills that everyone should master.
My wife is a quilter and got an e-mail notice about this closing. I hope they don’t send her any info on the close-out sale. She’s got plenty of fabric in her studio stash now.
The fabric market is fine. JoAnne’s and Michael’s have both been expanding their fabric sections. It’s the stores that’s ONLY a fabric store, and kind of run down and beat up that couldn’t cut it. With the rise of cosplay in the much larger nerd community there’s probably more people doing fabric crafts now than ever before, but they want good stores with a variety of stuff beyond fabric.
I agree. It’s just too 1950s to expect the princesses and princes of today to do menial work like sewing. Or cooking. So I’ve been told.
The best thing I ever learned was cooking and sewing. I was taught how to make a budget, stock a pantry, care for kids, clean a house, bake from scratch AND balance a checkbook in Home Ec too.
Damn shame it’s no longer looked upon as a need. Those were valuable lessons.
Sorry, but it’s impossible for a woman to have too many sewing or crafting supplies in her stash.
Sad news.
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