Hancock Fabrics announces additional store closings
21 Mar '07
2 min read
In the notice of default, the bank group has indicated its intention to increase the interest rate on borrowings and the fees on letters of credit to the default rates, which are two percentage points higher than normal. In addition, the bank group asserts that it may direct the Company's depository banks to transfer all cash deposits to the bank group in order to pay down borrowings under the bank credit facility.
In light of these developments, Hancock is exploring its strategic alternatives in its continuing effort to maximize the value of its enterprise for its stakeholders.
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