Hancock Fabrics Set To Close

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TUPELO, Miss. (AP) – The remaining 185 stores of Hancock Fabrics will close, bringing an end to the fabrics and crafts retailer that was founded in Tupelo in 1957.

On Thursday, the Northeast Mississippi Daily Journal reports (http://bit.ly/236qAa8) the U.S. Bankruptcy Court in Delaware approved the sale of the stores to Great American Group, which had offered about $65 million for the company’s assets.

Great American was deemed to have the “highest and best” offer by the court.

The store closures will begin soon, and procedures have been put in place, allowing their liquidation to begin as soon as possible.

Great American already had begun the process of closing 70 stores identified as under-performing locations by Hancock, which filed for Chapter 11 reorganization in early February.