JACKSON, MISS– Hancock Fabrics, founded in Tupelo in 1957, has filed bankruptcy and is searching for a buyer for the remainder of the company.
350 jobs are threatened by this financial trouble. If a buyer isn’t found by March, what’s left of the company will be shuttered.
This information was enclosed in a letter to the Lee County distribution plant, reports the Northeast Mississippi Daily Journal.
Hancock Fabrics is not looking at bankruptcy for the first time. The company has filed two other times: once in 2007, the other in 2008.
70 stores that are in the red are already scheduled to close.
Hancock Fabrics has stores all across the southeast.
A buyer has to be found by March 9. If not, the 350 will be terminated by March 15th.