RCS Real Estate Advisors to market Hancock Fabrics store leases

RCS Real Estate Advisors has begun the process of selling Hancock Fabrics' 185 leases to generate value for the estate.



The move, which comes following Hancocks' February bankruptcy announcement represents the next step in the recent retention of RCS by Hancock Fabrics, debtor-in-possession (DIP) that has been approved by the United States Bankruptcy Court for the District of Delaware.



"As part of the plan to liquidate Hancock Fabrics, RCS will be marketing the leases of the remaining 185 stores scheduled for closure and will, if necessary, be conducting a bankruptcy auction to maximize the potential value for the estate," said RCS senior VP Spence J. Mehl. "RCS is currently accepting bids on these leases in 33 states with availabilities between 8,000 and 30,000 sq. ft."



Hancock Fabrics operated 250 retail stores in 37 states when it filed for Chapter 11 bankruptcy protection on February 2, 2016.



RCS specializes in analyzing retail real estate portfolios, reducing occupancy costs and expanding footprints.