B. Riley Financial's Great American Group to Close Remaining Hancock Fabric Stores
- Great American Group to sell Hancock Fabrics' over $280 million in retail inventory
- Great American Group was highest bidder at bankruptcy auction for assets and inventory of Hancock Fabrics, which filed for Chapter 11 protection on February 2, 2016
- Going-out-of-business sales will begin April 1, 2016 in all remaining 185 store locations
LOS ANGELES, March 31, 2016 /PRNewswire/ -- Great American Group (GA), a leading provider of advisory and valuation services, asset disposition and auction solutions, commercial lending services and a subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), was the highest bidder in the bankruptcy auction for the assets and inventory of fabric retailer, Hancock Fabrics, Inc. (OTCQB: HKFI), which filed for Chapter 11 protection on February 2, 2016.
On March 31, 2016, GA was recognized as the successful bidder at auction by the U.S. Bankruptcy Court in Delaware and will manage the going-out-of-business sales for 185 Hancock Fabrics stores beginning tomorrow, April 1, 2016.
"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," said Scott Carpenter, president of GA's Retail Solutions division. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."
Bryant Riley, Chairman and CEO of B. Riley Financial, added: "Great American Group has extensive experience working with specialty retailers like Hancock, as well as creditors, to effectively manage complicated and sensitive situations. This transaction is an example of the expansive operating and financial synergies of the B. Riley Financial platform, which leverages our company's industry relationships and unmatched consumer retail expertise."
The going-out-of-business sales start April 1, 2016 and are expected to last several weeks before all of the merchandise is sold in all of the 185 remaining locations.
About Hancock Fabrics, Inc.
Hancock Fabrics, Inc. (OTCQB: HKFI) is committed to being the authority in fabric, sewing and crafts, serving creative enthusiasts with a complete selection of fashion and home decorating textiles, sewing accessories, needlecraft supplies and sewing machines. The company currently operates approximately 255 retail stores in 37 states and an Internet store at www.hancockfabrics.com.
About Great American Group, LLC
Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. For more information about Great American Group, visit www.greatamerican.com or call 818-884-3737.
Great American Group is a subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), a diversified provider of collaborative financial and business advisory services through several subsidiaries, including: B. Riley & Co. LLC, a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; Great American Group, LLC; B. Riley Capital Management, LLC, an SEC registered Investment Advisor, which includes B. Riley Asset Management, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management (formerly MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and Great American Capital Partners, a provider of senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies.
B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc., visit www.brileyfin.com.
For More Information and Media Inquiries:
Kelly Phillips
Marketing Director
B. Riley Financial
[email protected]
310-689-2224
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SOURCE B. Riley Financial
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