|
|
Article: Hancock Fabrics launches performance initiatives
- Article from:
- The Mississippi Business Journal
- Article date:
- February 13, 2006
- Author:
CopyrightCopyright Mississippi Business Journal Feb 13, 2006. Provided by ProQuest LLC. (Hide copyright information)
|
BALDWYN - Hancock Fabrics Inc. has unveiled several strategic restructuring initiatives designed to improve the company's performance.
Additionally, Hancock Fabrics announced that it will re-inventory all stores prior to finalizing results for its fiscal year, which ends January 28, 2006. This will delay the reporting of year-end results and possibly delay the filing of the company's Annual Report on Form 10-K beyond its due date of April 13, 2006.
Management's most recent review of store performance has resulted in a decision to close approximately 50 stores in 2006, representing $32 million in annualized sales and approximately $3 million in operating losses. Many of these stores have ...