Archive for March, 2007
Hancock Files Chapter 11
Wednesday, March 21st, 2007Hancock Fabrics announced today it has filed a voluntary petition for Chapter 11 relief. Its subsidiaries are also filing for the same relief. The company took the action so it can use the reorganization process to improve the company’s operating performance, reduce its secured debt over time, close underperforming locations, and exit Chapter 11.
Hancock has […]
Industry News
Tuesday, March 20th, 2007* Condolences. Jason Ruebens, founder of Pioneer Photo Albums, passed away of natural causes at the age of 99. Donations may be made in his honor to the American Heart Association.
* Broadband video. HGTV.com is launching two new broadband video channels featuring full episodes of two how-to craft series - The Carol Duvall Show and […]
Hancock to Close 104 Stores; Receives Default Notice
Tuesday, March 20th, 2007Hancock Fabrics announced today it is closing 104 stores in addition to the 30 store closings disclosed in a press release dated February 8. The additional closings represent approximately $75 million in annualized sales.
The company has expanded its existing engagement of a national liquidation firm to assist it with the inventory liquidation sales in these […]
Michaels Fourth-Quarter and Year-end Report
Tuesday, March 13th, 2007Total sales for the fourth quarter were $1.368 billion, a 7.7 percent increase over last year’s fourth quarter sales of $1.27 billion. Fiscal 2006 was a 53-week year and sales for the additional week contributed $58.7 million in sales for the quarter. Same-store sales for the comparable 13-week period increased 0.8 percent on a 2 […]
Industry News
Monday, March 12th, 2007* Hancock Fabrics. Bruce Smith has resigned as cfo and executive vice president, effective March 30, to accept a position with another company.
In the interim, Corporate Revitlization Parterns, LLC (CRP), will serve as financial advisors to the company, with Larry Fair, vice president/finance, assuming the role of chief accounting officer. CRP has been providing advisory […]
Jo-Ann Year-end Report
Monday, March 12th, 2007According to Darrell Webb, chairman, president, and ceo, Jo-Ann Stores made progress on merchandising strategies and inventory position during the fourth quarter of the year ended February 3. “While our actions have resulted in a decline in same-store sales,” he says, “we were able to realize significant gross margin improvement in the fourth quarter compared […]
Industry News
Thursday, March 8th, 2007* People. Rachel Van Tassel, vice president of marketing, overseeing global promotions efforts, Lucidiom.
* Quilting. Quilts Inc is adding a third edition of its International Quilt Festival scheduled for July 25-27, 2008, in Long Beach, California. For information when it becomes available, e-mail catalogue@quilts.com. Information as it develops will be available online at www.quilts.com.
NAMTA News
Thursday, March 8th, 2007The National Art Materials Trade Association (NAMTA) has announced a slate of candidates for its board of directors. Vying for one Retailer seat are John Cummings (B.E.M. Enterprises, dba Reddi-Arts) and Mark Wiener (The Art Colony at the Blueprinter).
Contending for two Supplier seats are Brian Buell (Logan Graphic Products), Marcello Dworzak (Da Vinci Paint Co.), […]
CHA Seeks Nominations
Thursday, March 8th, 2007The Craft & Hobby Association (CHA) is seeking nominations for its board of directors. CHA members may nominate a member or themselves for a three-year term beginning January 2008.
To nominate someone, download the Board Nomination Form from the “Members Only” section of the association’s Web site: www.craftandhobby.org. Or, request a copy by contacting the CHA […]