Update: On April 26, 2011, the following message was released when Hancock’s reported a loss for the 2010 fourth quarter: “Steven Morgan, interim president and CEO since February, commented, ‘We incurred significant one-time non-cash charges in the fourth quarter as we took actions to improve our business. The most significant charge was related to anticipated markdowns on aged products. These markdowns have been implemented, and will allow us the scope to liquidate these aged goods quicker as we move forward and ensure we have current, relevant merchandise for our customers.'” Can you say BIG SALE? 🙂
Most shoppers won’t be affected, but Hancock Fabrics just announced that the contract of its CEO, Jane F. Aggers, won’t be renewed and will expire January 28. Ever since the store closest to me closed, I haven’t even shopped at Hancock Fabrics. There are two farther away in my region. Do you shop at Hancock’s, and how does it compare to other fabric stores such as Jo-Ann’s? Please comment below. Jo-Ann Fabrics has had its own big news recently, though noone I’ve asked at my local store was aware of it! See news about Jo-Ann’s.
More on Hancock Fabrics’ announcement.