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Hancock Fabrics stores closing nationwide

By Daniel Uria

LOS ANGELES, April 2 (UPI) -- 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.

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"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.

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