Going out of business sales underway: 185 "Hancock Fabrics" stores to close, including store in Milwaukee

MILWAUKEE -- Hancock Fabrics' remaining 185 stores across the country are closing, including its store in Milwaukee.

Baldwyn, Mississippi-based Hancock Fabrics announced in early February it had filed Chapter 11 bankruptcy protection as it looked to restructure and become more competitive in the retail industry. At the time, the retailer operated 250 stores in 37 states. It was reported the company would immediately close 70 stores nationwide.

Los Angeles-based Great American Group, a subsidiary of B. Riley Financial, emerged on March 31st as the highest bidder in the bankruptcy auction for Hancock Fabric's assets and inventory.

The firm announced plans to liquidate the remaining stores.

The company's eight stores in Wisconsin include a Milwaukee location at 3551 S. 27th St.

A store in Madison was announced as one of the 70 stores impacted by the earlier store closure notice.

Merchandise markdowns of between 20 percent and 50 percent are available both in-store and online. 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 sales will include select furniture, fixtures and equipment at stores.

Great American expects to finish selling Hancock's $280 million in inventory within the next several weeks. The sales started April 1st.

CLICK HERE for more on this story via the Milwaukee Business Journal.