'We will continue to improve our operating results' – HKFI President

11 Apr '09

4 min read

Capital expenditures during 2008 consisted mostly of store remodels and relocations. These activities totaled approximately $7.0 million for the year. The remaining amounts were utilized for additional information technology enhancements and general replacements in our distribution center and corporate office. Management expects 2009 capital expenditures to range from $5 million to $10 million. This capital spending will be directed at initiatives which support the Company's current strategy.

Cash used in financing activities for 2008 included net borrowings of $29.0 million which was utilized along with cash provided by operations to pay $37.5 million of pre-petition liabilities and exit financing loan costs.

Store Openings, Closings and Remodels
During 2008, the Company opened 1 store, closed 7 stores and relocated 4 stores, thereby ending the fiscal year with 263 stores. The Company also remodeled 63 locations to its new prototype format. The 2009 activities will relate primarily to the relocation of certain stores.

Hancock Fabrics, Inc. is a specialty retailer committed to serving creative enthusiasts.The stores offer a selection of apparel fabrics, home decorating products, quilting materials, and notions.

Hancock Fabrics Inc

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