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Great American Group to Close Remaining Hancock Fabric Stores

April 01, 2016, 07:33 AM
Filed Under: Bankruptcy

Great American Group, a leading provider of advisory and valuation services, asset disposition and auction solutions, commercial lending services and a subsidiary of B. Riley Financial, was the highest bidder in the bankruptcy auction for the assets and inventory of fabric retailer, Hancock Fabrics, Inc., which 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 beginning tomorrow, April 1, 2016.

"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 start April 1, 2016 and are expected to last several weeks before all of the merchandise is sold in all of the 185 remaining locations.

Hancock Fabrics, Inc.  is committed to being the authority in fabric, sewing and crafts, serving creative enthusiasts with a complete selection of fashion and home decorating textiles, sewing accessories, needlecraft supplies and sewing machines. The company currently operates approximately 255 retail stores in 37 states and an Internet store at

Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets.

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