Home » NEWS » Economic Development » Hancock creditors hope to recover some money

Hancock creditors hope to recover some money

TUPELO — Hancock Fabrics owes nearly $84 million to three secured creditors who have first dibs on any proceeds coming from the liquidation of its stores.

The Northeast Mississippi Daily Journal reports unsecured priority creditors next in line are owed nearly $4 million, while non-priority unsecured claims total more than $26 million.

It’s the last group of creditors most likely not to see much, if any, of the money they’re owed.

Hancock’s top three secured creditors have provided financing for the company. Wells Fargo is owed the largest chunk, more than $57 million, followed by GACP Finance at $18.3 million and Deutsche Bank is owed $8.4 million.

The liquidation is expected to be completed by July 31.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *