Hancock reports smaller loss
By Furniture Today Staff -- Furniture Today, December 21, 2008
BALDWYN, Miss. — Specialty fabrics supplier Hancock Fabrics said it cut its losses to $2.5 million in its third quarter ended Nov. 1, compared with a loss of $6.1 million in the same quarter a year earlier.
For the year to date, the company reported a 2008 loss of $21.4 million.
Sales for the company, a converter of decorative upholstery, drapery and apparel fabrics, grew about 1% to $70.6 million from $69.7 million in the prior-year quarter. The company attributed part of the growth to liquidation sales in its 265-store retail craft division stores.
During the past year, the company opened one store and closed five, and is conducting a store remodeling program with 63 stores completed.
Hancock emerged from Chapter 11 on Aug. 1. It its quarterly filing with the Securities and Exchange Commission, the company said it has paid $35.3 million in creditor claims this year, leaving about $3 million unresolved. It added that as of Nov. 1, it had used $46.9 million of its $100 million revolving credit line.
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