The U.S. Bankruptcy Court approved Hancock Fabrics’ motion for an order approving the sale of assets free and clear of all liens, claims, encumbrances and other interests (pursuant to agency agreement with Great American Group [GA]) and granting related relief.
The order states, ” As confirmed on the record of the Sale Hearing , Great American Group, LLC has represented and warranted to the Debtors and their estates that the Agent has the resource and ability to comply with and will perform the terms, conditions and obligations contained in the Agency Agreement.” GA, a subsidiary of B. Riley Financial, was the highest bidder in the bankruptcy auction for the assets and will manage the going-out-of-business sales for 185 Hancock Fabrics stores beginning on April 1, 2016.
The sales are expected to last several weeks before all of the merchandise is sold. Read more retail bankruptcy news.
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