Hancock Fabrics reports $45.9M loss in fiscal year

Hancock Fabrics is reporting a loss of $45.9 million for the fiscal year that ended Feb. 3.

The Baldwyn-based company said Tuesday total sales were $376.2 million, a 3 percent drop from a year earlier. Same-store sales were down 1.9 percent.

A year ago, Hancock reported a net loss of $30.3 million on sales of $388.8 million. Same-store sales were down 6.2 percent.
The new earnings report comes after the craft and fabric retailer filed for Chapter 11 bankruptcy protection a year ago March.
Documents filed with the U.S. Securities and Exchange Commission show Hancock plans a new store prototype, a new financial reporting method and a product re-merchandising program.

In addition, the company said it intends to present its business plan and begin formulating a plan of reorganization before April.

Hancock expects to exit Chapter 11 two to three months later, according to the filing.

As of Feb. 3, Hancock operated 403 stores in 40 states and had 5,200 employees.