Hancock Fabrics looks to take bids for intellectual property assets

By Caroline Salls

Pittsburgh, May 6 – Hancock Fabrics, Inc. requested court approval of the bid procedures for the proposed sale of its intellectual property assets, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The assets being sold include domain names, internet addresses and other and ancillary assets.

Hancock said the assets are being marketed through Lincoln Partners Advisors, LLC.

Under the proposed procedures, bids are due by 5 p.m. ET on June 16. Bids must include a good faith deposit of 10% of the proposed purchase price.

An auction will be held on June 21, if necessary, and the sale hearing is scheduled for June 30.

A hearing on approval of the bid procedures is scheduled for May 26.

Based in Baldwyn, Miss., Hancock is a specialty retailer of fabric and related home sewing and decorative accessories. The company filed for bankruptcy on Feb. 2 under Chapter 11 case number 16-10296.

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