Hancock Fabrics’ board votes to go private
Published: April 27,2014
BALDWYN — Hancock Fabrics says it plans to stop being a publicly traded company, allowing executives to focus on improving its business.
The Northeast Mississippi Daily Journal reports the change has been approved by the Hancock Fabrics board of directors and must be approved by shareholders in August.
The company trades under the symbol HKFI, and shares closed at 96 cents each Friday.
James Brown, the company’s chief financial officer, says being publicly traded “really isn’t that beneficial, and the costs outweigh the benefits.”
The company entered bankruptcy protection in 2007 and emerged in 2008. It has made an annual profit only once since, in 2009.
Brown says the company’s operating income was $4 million in 2013, the best since 2009.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Hancock Fabrics’ board votes to go private”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- David Duval, former British Open winner, joins Sanderson Farms field
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90