Hancock Fabrics Files For Chapter 11

Law360, New York (March 21, 2007, 12:00 AM EDT) -- One of the largest fabric retailers in the U.S. filed a voluntary petition for Chapter 11 relief Wednesday in the United States Bankruptcy Court for the District of Delaware.

Hancock Fabrics Inc. said it filed for bankruptcy to improve the company’s operating performance, reduce its secured debt and close underperforming locations. Hancock said Tuesday that it would close 104 stores in addition to the 30 stores scheduled last month to be closed, leaving the retailer with about 300 stores.

"The process of reorganizing Hancock Fabrics under...
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