Hancock Fabrics looks to auction off store leases

By Caroline Salls

Pittsburgh, April 12 - Hancock Fabrics, Inc. requested court approval to hold auctions for non-residential property leases related to its 134 retail stores that will be going out of business, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it hired Keen Realty, LLC to maximize the value of the leases.

The auction will be held June 5 and a final hearing on assumption and assignment of the leases is scheduled for June 12.

All bids must include a deposit of at least 10% of the bid amount or $20,000 for each lease bid on; however, a landlord bidding on its leased premises is required to include a 10% deposit of the cash portion of the bid.

The bid procedures hearing is scheduled for April 25.

Hancock Fabrics, a Baldwyn, Miss., specialty retailer of fabric and related home sewing and decorating accessories, filed for bankruptcy on March 21. Its Chapter 11 case number is 07-10353.

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