Hancock Fabrics management had hoped to attract a bidder for the company that would keep it operating. When it failed to attract an adequate offer, the company made the decision to close all the remaining stores.
No closing date has been announced for the stores. In a filing with the U. Hancock Fabrics carries a range of fabric, sewing and crafts products, including home decor textiles, accessories, needlecraft supplies and sewing machines. The going-out-of-business sale will include select furniture, fixtures and equipment at the stores. Great American will determine which of Hancock Fabrics' nearly 4, employees will remain to assist with the sale and store closures.
Hancock Fabrics previously filed for Chapter 11 bankruptcy protection in Gage Miskimen Business News Feb. Associated Press Nation and World Feb.
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Skip to content. Vanishing America. Heard on:. Listen Now. Hancock Fabrics, Inc. Known as "America's fabric store," the company retails and wholesales fabric, crafts, and other home sewing accessories in 33 states under the trade names of Hancock Fabrics, Minnesota Fabrics, Fabric Warehouse, and Fabric Market.
Founded in , Hancock Fabrics developed the concept of a total fabric retailer. More than just a specialty shop, the first stores opened by Hancock Fabrics were cost-efficient and offered a greater selection of merchandise to consumers at lower prices. As opposed to the high cost and limited selection of a mall location or small specialty shop, Hancock pursued a powerful, cost-efficient store format that permitted consistently lower prices and a greater selection of merchandise for our customer.
The mids brought crisis to fabric retailers nationwide when market forces pushed many operators out of business. The excess expansion of previous years, plus inefficient operations and undercapitalization, caused the demise of more than one shop and chain. Hancock Fabrics, however, weathered all this well. Although impacted by excess expansion and the ensuing correction process, Hancock Fabrics nevertheless had earned profits every quarter for 30 consecutive years since the early s.
The next 15 years brought strong sales growth and earning gains for Hancock. Hancock continued opening more new and larger stores and upsizing existing smaller stores throughout the s. The retailer employed 5, people in stores during , expanding to stores with 6, employees in By , Hancock Fabrics was one of seven major retail piece-goods chains, with stores, accounting for approximately 24 percent of the 2, full-sized fabric stores in the United States. Employees numbered 7, The early s again brought a slowing economy that greatly affected fabric retailers.
Store growth throughout the industry exceeded the demands of consumers, so retailers responded with aggressive price promotions that often sacrificed margins. Price discounting was widespread, and market share came second after the conversion of swelling inventories to cash as debt levels grew. The stocks of Hancock's competitors, Fabri-Centers of America and House of Fabrics, could not escape the soft economy, either. State suspends license of former Dallas Fire-Rescue paramedic seen kicking homeless man.
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