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BALDWYN, MS-Hancock Fabrics is closing 104 of its stores in addition to the 30 that management announced last month it is shutting. This latest round of closures will leave the retailer with about 270 units across the country.

The additional 104 stores represent annual sales of about $75 million. The company will conduct liquidation sales at the units over the next three to four months.

Hancock Fabrics has also received a default notice from its bank group due to the delay of its quarterly filings last year. The company is now exploring “strategic alternatives” due to the move.

Hancock’s same-store sales fell 4% year over year through January, its latest-reported financial term. Fourth-quarter sales fell to $111.7 million, from $118.3 million during the same year-ago period, while same-store sales fell 4.9% over that time.

Additionally, Bruce Smith, the company’s CFO and EVP, announced his departure from the company earlier this month. In the meantime, Corporate Revitalization Partners is Hancock’s financial adviser.

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