Liquidator Wins Bid for Hancock Fabrics

Hancock Fabrics (Baldwyn, Miss.) went to auction this week to determine the fate of the chain’s 190 stores. During those proceedings, liquidator Great American Group (Woodland Hills, Calif.) was selected as the winning bid at $65 million, though the bid is subject to judicial approval.

When the retailer first announced that it was filing for chapter 11 bankruptcy in February, it closed 70 of its under-performing stores but hoped that it could find a seller for the remaining ones. Great American is the company that was originally selected to liquidate those 70 stores.

According to Biz Buzz, only one other bid was submitted to take over the 190 stores but later was withdrawn, leaving Great American as the only bid. It is anticipated that if the bid goes through, all Hancock Fabric stores will be liquidated.