Michaels buys Hancock Fabrics brand
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Michaels purchased the rights to Hancock Fabrics’ brand and intellectual property for $1.3 million from U.S. Bankruptcy Court in Delaware.
The Texas-based crafts retailer takes possession of its ex-rival’s patents and trademarks, as well as its name. Personal and transactional data from 10 million Hancock customers was included in the deal, according to the Memphis Business Journal.
Hancock was in the process of closing 70 stores when it filed for bankruptcy in February. Unable to locate a buyer for the remaining 185 units, it shuttered them in April.
Michaels is the nation’s leading crafts retailer with some 1,300 locations, more than twice as many as remaining competitor Hobby Lobby.