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), will begin the going-out-of-business sales for 185 Hancock Fabrics stores tomorrow.
The sales will offer consumers a unique opportunity to receive significant discounts on the retailer's inventory of fashion and home decorating textiles, sewing accessories, needlecraft supplies, and sewing machines. Select furniture, fixtures and equipment at stores will also be for sale.
On February 2, 2016, Hancock Fabrics, Inc. (OTCQB: HKFI) filed for Chapter 11 protection. On March 31, 2016, GA was recognized as the successful bidder by the U.S. Bankruptcy Court in Delaware in the bankruptcy auction for the inventory of the fabric retailer.
"Our team has worked closely with Hancock Fabrics in a range of capacities over the years," commented Scott Carpenter, president of GA's Retail Solutions division. "Now, our task will be discounting all of the merchandise in the stores until it is completely liquidated. Loyal customers and the general public will be able to shop in the stores and receive significant savings on a wide variety of quality merchandise, just in time for their prom and bridal purchases. We expect the going-out-of-business sales to last several weeks before all of the merchandise is sold in the remaining locations."
To find a going-out-of-business sale for a Hancock Fabrics near you, click here.
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.
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SOURCE Great American Group