Great American Group to close remaining Hancock Fabric inventory
Hancock Fabrics filed for Chapter 11 protection on February 2, 2016. On March 31, 2016, GA was recognized as the successful bidder at auction by the U.S. Bankruptcy Court in Delaware and will manage the going-out-of-business sales for 185 Hancock Fabrics stores.
"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," said Scott Carpenter, president of GA's Retail Solutions division.
"This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."
Bryant Riley, chairman and CEO of B. Riley Financial, added: "Great American Group has extensive experience working with specialty retailers like Hancock, as well as creditors, to effectively manage complicated and sensitive situations.
"This transaction is an example of the expansive operating and financial synergies of the B. Riley Financial platform, which leverages our company's industry relationships and unmatched consumer retail expertise."
The going-out-of-business sales started April 1, 2016 and are expected to last several weeks before all of the merchandise is sold in all of the 185 remaining locations. ■