Hancock Fabrics, a " mid box " fabrics & crafts chain retailer has struggled for sometime. The company has experimented with smaller store footprints and streamlining inventory which it even tried with it's Spokane Valley store which moved to smaller strip mall location back in 2014.
But now, the company has moved on to filing for bankruptcy. They plan to stay in business, for the time being at least. However, they have announced a list of stores they plan to close down, due to underperformance. Two of the three Inland Northwest Hancock Fabrics locations are on that list of locations to close, here are the local locations to be closed down-
1020 W. Francis Ave. - North Spokane - 13,000 square foot
15735 E. Broadway - Spokane Valley - 8,000+ square foot
There appears to be no set closing date as today. The chain hopes to keep about 185 locations open, but it seeking bids to purchase the remaining company which employs thousands and is all around the nation. Hancock Fabrics says it owes $110 million in debts and failed to get a bid to purchase the company in a pre-bankruptcy offering.
The company is based in Baldwyn,Ms. and has between $100 and $500 million in total assets. Currently one Hancock Fabrics location in the Inland Northwest is not scheduled to close, that being the store in Hayden's Prairie Shopping Center ( US 95 & Prairie Ave. ).
For more information on Hancock Fabrics, visit their website at-
http://www.hancockfabrics.com
