The additional 104 stores represent annual sales of about $75million. The company will conduct liquidation sales at the unitsover the next three to four months.
Hancock Fabrics has also received a default notice from its bankgroup due to the delay of its quarterly filings last year. Thecompany is now exploring "strategic alternatives" due to themove.
Hancock's same-store sales fell 4% year over year throughJanuary, its latest-reported financial term. Fourth-quarter salesfell to $111.7 million, from $118.3 million during the sameyear-ago period, while same-store sales fell 4.9% over thattime.
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