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Baldwyn, Miss., fabric company wins extension for bankruptcy court filing
(Northeast Mississippi Daily Journal (Tupelo, MS) (KRT) Via Thomson Dialog NewsEdge) Dec. 6--TUPELO -- Baldwyn-based Hancock Fabrics has been granted a second extension to file its long-range business plan.
The craft and fabric retailer now has until May 30, 2008, to file its plan for reorganization with the U.S. Bankruptcy Court for the District of Delaware.
The retailer voluntarily filed for Chapter 11 bankruptcy protection on March 21.
Hancock's original deadline was July 19, 2007. However, Hancock said in July that it was approaching its "historical peak sales period" and that the company "must maintain focus on operating performance and execution of their business plan."
In a July filing with the U.S. Securities and Exchange Commission, Hancock said it would need "substantial time and resources ... to formulate ... a plan of reorganization that maximizes returns to all constituents." The court then set the new deadline at Feb. 28, 2008.
But this week, Hancock requested the deadline be extended to May 30, 2008. The company again said it was "in the midst of their historical peak sales period" and that it has been busy "developing and implementing several key initiatives intended to bring retail operations in line."
In addition, Hancock said in its latest SEC filing that it recently opened a new store prototype in Huntsville, Ala., that features a "completely redesigned layout and significantly enhanced customer service experience."
Hancock also has developed a plan to build new store fixtures for its remodeled stores. By doing it in-house, Hancock said it will save more than 50 percent compared with an outside manufacturer. The retailer also redesigned and shortened the store opening process. No additional details were provided.
In the coming months, Hancock said it will complete up to five more store remodels, complete an IT rollout, continue the "ongoing effort to attract and obtain appropriate exit financing" and conduct store performance analyses on the new initiatives and the 2007 holiday season.
To see more of Northeast Mississippi Daily Journal or to subscribe to the newspaper, go to http://www.djournal.com.
Copyright (c) 2007, Northeast Mississippi Daily Journal, Tupelo, Miss.
Distributed by McClatchy-Tribune Information Services.
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