New York, NY Real estate advisory firm, RCS Real Estate Advisors, has been retained by Hancock Fabrics, debtor-in-possession, to generate value for the estate through the sale of leases according to RCS senior vice president Spence Mehl.
“We were retained to market the leases of the 70 stores Hancock will be closing and, if necessary, to conduct a bankruptcy auction to maximize the potential value for the estate,” said Mehl.
“RCS is currently accepting bids on these leases in 31 states with availabilities between 7,500 and 30,000 s/f,” said Mehl.
RCS will also be seeking to reduce the occupancy costs at the remaining 180 locations that Hancock Fabrics plans to continue operating. This retention is an extension of RCS Real Estate Advisors’ existing relationship with Hancock Fabrics and is subject to approval by the United States Bankruptcy Court for the District of Delaware.
RCS Real Estate Advisors was founded in 1981 by professionals with decades of retail experience. The firm specializes in analyzing retail real estate portfolios, reducing occupancy costs and expanding footprints. Key transactional services include portfolio assessments, renewals, lease restructuring, terminations, dispositions, and site selection. RCS also operates as an outsourced real estate department for some of their clients. For more information about RCS Real Estate Advisors visit www.rcsrealestate.com.
Founded in 1957, Hancock Fabrics is committed to nurturing consumers’ creativity. They are the inspirational authority in fabric and sewing with a complete selection of fashion and home decorating textiles, crafts, sewing accessories, needlecraft supplies, and sewing machines. Hancock Fabrics operated 250 retail stores in 37 states when it filed for Chapter 11 bankruptcy protection on February 2, 2016.
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