HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Files An 8-K Other Events
Item 8.01 of this report under Monthly Operating Report
andCautionary Note Regarding Monthly Operating Report is
incorporated herein by reference.
Item .0Other Events.
Monthly Operating Report
As previously disclosed, on February 2, 2016 (the Petition Date),
Hancock Fabrics, Inc. (Hancock) and all of Hancocks direct and
indirect subsidiaries (collectively with Hancock, the Debtors)
filed voluntary petitions for relief under chapter 11 of title 11
of the United States Code in the United States Bankruptcy Court
for the District of Delaware (the Bankruptcy Court, and the
filings therein, the Chapter 11 Filings). The chapter 11 cases
(the Chapter 11 Cases) are being jointly administered under the
caption In re Hancock Fabrics, Inc., et al. Case No. 16-10296.
During the pendency of the Chapter 11 Cases, Hancock has adopted
a modified reporting program with respect to its reporting
obligations under federal securities laws. In lieu of filing
annual reports on Form 10-K and quarterly reports on Form 10-Q,
each month Hancock will file with the Securities and Exchange
Commission a current report on Form 8-K that will have attached
to it the monthly financial report required to be filed with the
Bankruptcy Court.
On March 15, 2017, the Debtors filed their monthly operating
report for the period beginning January 29, 2017 and ending
February 25, 2017 (the Monthly Operating Report) with the
Bankruptcy Court. The Monthly Operating Report is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Cautionary Note Regarding Monthly Operating Report
Hancock cautions investors and potential investors not to place
undue reliance upon the information contained in the Monthly
Operating Report, which was not prepared for the purpose of
providing the basis for an investment decision relating to any of
the securities of Hancock. The Monthly Operating Report is
limited in scope, covers a limited time period and has been
prepared solely for the purpose of complying with the monthly
reporting requirements applicable in the Chapter 11 Cases.
Hancock is not required to publicly update the Monthly Operating
Report to reflect more current facts or estimates or the
occurrence of future events, including if the facts, estimates
and assumptions upon which the Monthly Operating Report is based
are erroneous. The Monthly Operating Report was not audited or
reviewed by independent public accountants, does not contain all
of the information and footnotes required by generally accepted
accounting principles in the United States, and is subject to
future adjustment and reconciliation. There can be no assurance
that, from the perspective of an investor or potential investor
in Hancocks securities, the Monthly Operating Report is complete.
The Monthly Operating Report also contains information for
periods which are shorter or otherwise different from those
required in Hancocks reports to the Securities Exchange Act of
1934 (the Exchange Act), and such information might not be
indicative of Hancocks financial condition or operating results
for the period that would be reflected in Hancocks financial
statements or in its reports to the Exchange Act. Results set
forth in the Monthly Operating Report should not be viewed as
indicative of future results.
Item 9.01Financial Statements and Exhibits
(d)Exhibits
|
Exhibit Number |
Description |
|
99.1 |
Monthly Operating Report for the period beginning January |
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
often include words such as believe, expect, project, anticipate,
intend, plan, estimate, seek, will, may, would, should, could,
forecasts or similar expressions. These statements about Hancocks
expectations, beliefs, plans, objectives, assumptions and future
events are not statements of historical fact and reflect only
Hancocks current expectations regarding these matters. Hancocks
actual actions and results may differ materially from what is
expressed or implied by these statements due to a variety of
factors, including: (i) the potential adverse impact of the
Chapter 11 Filings on Hancocks liquidity or results of
operations; (ii) the outcome or timing of the Chapter 11 Cases;
(iii) the effect of the Chapter 11 Filings on Hancocks
relationships with third parties, regulatory authorities and
employees; (iv) the actions and decisions of creditors,
regulators and other third parties that have an interest in the
Chapter 11 Cases, including proceedings that may be brought by
third parties in connection with the Chapter 11 Cases; (v) the
Debtors ability to obtain the approval of the Bankruptcy Court
with respect to motions filed in the Chapter 11 Cases and the
outcomes of Bankruptcy Court rulings and the Chapter 11 Cases in
general; (vi) restrictions on the Debtors due to the terms of
debtor-in-possession financing facilities and restrictions
imposed by the Bankruptcy Court; (vii) the increased
administrative costs related to the Chapter 11 Cases; (viii)
Hancocks ability to maintain adequate liquidity to fund
operations during the Chapter 11 Cases and thereafter; (ix) any
revisions to the Monthly Operating Report or the February Monthly
Operating Report and (x) other factors listed from time to time
in Hancocks filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date on which
they are made and Hancock undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, whether as a result of
new information, future events or otherwise, except as required
by law.
About HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ)
Hancock Fabrics, Inc. is a specialty retailer. The Company offers fashion and home decorating textiles, crafts, sewing accessories, needlecraft supplies and sewing machines. The Company’s stores offer a range of fabrics and notions used in apparel sewing, home decorating and quilting projects. As of October 31, 2015, the Company operated 260 stores in 37 states. HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Recent Trading Information
HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) closed its last trading session up +0.00096 at 0.00330 with 132 shares trading hands.