Hancock Fabrics is closing all of its remaining 185 stores after filing for bankruptcy. The Great American Group won a bankruptcy auction for assets and inventory of the fabric and craft retailer.

The company’s website is already advertising a going-out-of-business sale in stores and online. Sales will continue for the next few weeks while inventory remains.

Hancock filed for Chapter 11 bankruptcy for the second time in February. The company previously filed for bankruptcy in 2007, but re-emerged a year later.

Hancock Fabrics first opened in 1957.

– Newschannel 6