CHRISTOPHER WALKER/TIMES RECORD NEWS The Wichita Falls Hancock Fabrics store located on Southwest Parkway is just one of the locations that will close after its parent company, Hancock Fabrics Inc., filed bankruptcy and the court approved the auction purchase by Great American Group, LLC. Going-out-of-business sales will begin April 1.

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By John Ingle of the Times Record News

Hancock Fabrics in Wichita Falls will close in the relatively near future, people associated with the chain fabric store confirmed Monday.

Neither would go on record as the company had not officially released a statement.

According to court documents, Hancock Fabrics Inc. filed Chapter 11 bankruptcy in Delaware in early February. The court awarded a successful auction bid for the chain to Great American Group, LLC pending an official sale hearing Thursday. The secondary winner is a joint venture between Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC.

Specific details on when the store will close or what will happen moving forward have not been released by Hancock Fabrics.

Great American Group, a subsidiary of B. Riley Finanical, said on its website it plans to sell off Hancock's more than $280 million in retail inventory. Going-out-of-business sales will begin April 1 and will continue until all retail items are sold.

"Great American Group has worked closely with Hancock Fabrics in a range of capacities over the last several years," said Scott Carpenter, president of GA's Retail Solutions division. "This has given us a deep understanding of Hancock's inventory and assets, which ultimately allowed us to prevail as the highest bidder."

Times Record News archives show Hancock Fabrics first arrived in Wichita Falls in 1968 with a location at 1508 11th St. Ironically, the grand opening for the 6,000-square-feet facility was on April 1. The store soon relocated from the 11th Street location to where it is now on Southwest Parkway and K-Mart Drive.

Another Hancock Fabric store opened in June 1973 in the Wichita West Shopping Center on Old Iowa Park Road.