Hancock Fabrics to Close 50 Stores

Baldwyn, Miss., Hancock Fabrics announced Friday that it plans to close 50 stores this year, representing $32 million in annual sales and approximately $3 million in operating losses.

The troubled retailer also said it will delay reporting its 2005 results as it re-inventories all stores, and that it may miss an April 13 filing deadline for its annual report.