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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.

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