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.
BEFORE YOU GO…
… 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