Archive for the ‘Hancock Fabrics’ Category
In an SEC filing Thursday, the Baldwyn-based craft and fabrics retailer named James B. Brown executive vice president and CFO, effective March 18.
He replaces Larry Fair, who stepped in as interim CFO in December after the resignation of Rob Driskell.
Driskell had been executive vice president and CFO since June 2009.
Fair has been with Hancock Fabrics since 1985. He was vice president and chief accounting officer before assuming the interim CFO role.
Brown, 44, has been senior vice president of finance for Memphis-based discount retailer Fred’s since November 2011. He previously was vice president of planning and analysis from June 2008 to November 2011. He was assistant controller from February 2006 to May 2008. Read the rest of this entry »
Baldwyn-based Hancock Fabrics just filed this with the SEC (complete filing):
On December 13, 2012, Mr. Robert W. Driskell, Executive Vice President and Chief Financial Officer (“CFO”) of Hancock Fabrics, Inc. (the “Company”), tendered his resignation as Executive Vice President and CFO to be effective December 21, 2012.
Mr. Driskell is resigning to accept an executive position with a private equity owned specialty food retailer headquartered in the mid-west. There are no disagreements between Mr. Driskell and the Company on any matter relating to the Company’s operations, policies or practices.
On Friday, Hancock Fabrics released its third-quarter and year-to-date financials.
The good news: net sales for the company’s fiscal third quarter were $71.9 million, up from the $70.8 million a year earlier. Also, for the fourth consecutive quarter, same-store sales – sales at stores open for a least a year – rose again.
The bad news: the company’s operating loss for the third quarter was $800,000, compared to a gain of $1.2 million last year.
Also, Hancock posted a net loss of $2.24 million, or 11 cents a share, for the quarter, versus a $40,000 loss last year.
Through the first three quarters of its fiscal year, Hancock’s sales have risen 3 percent to $196.27 million, but its net loss continues to widen. So far, it’s $7.96 million, or 40 cents a share, a 30 percent increase compared to the same period a year earlier.
GA Capital said today it had closed on a $15 million term loan facility for Baldwyn-based Hancock Fabrics Inc.
In fact, the craft and fabrics retailer last month said it had closed on the deal, in addition to entering an amended and restated loan and security agreement.
Here’s what Hancock Fabrics said of the working capital agreement as well as the term loan facility:
The new, $100 million senior secured asset-based credit facility (“Working Capital Facility”) matures in November 2016 and replaces the company’s existing revolving credit agreement, which would have matured in August 2013. General Electric Capital Corp. will serve as working capital agent, issuing bank, and syndication agent. GE Capital Markets Inc. acted as sole lead arranger, manager and bookrunner on the Working Capital Facility. Read the rest of this entry »
We’ll be out covering the Black Friday craziness this week.
Will Old Navy shoppers win the worst behaved award for a third year in a row?
Click here to see what happened last year – long lines everywhere and a stampede at Old Navy with police called in to help settle things down.
Dennis will be on the prowl for shoppers Thursday and Friday so make sure you follow him on Twitter (@dennisseid). We alternate years covering the chaos so he’ll be the source of all your info for Black Thursday/Friday.
Are you going Black Friday shopping? We’d love to know via a comment about what deals you’re excited about this year.
STORE OPENING SCHEDULE FOR TUPELO: