Hancock Fabrics Announces Hiring of Chief Financial Officer

  Hancock Fabrics Announces Hiring of Chief Financial Officer

Business Wire

BALDWYN, Miss. -- March 13, 2013

Hancock Fabrics, Inc. (OTC symbol: HKFI) has announced that James B. Brown
(Age 44) will be joining Hancock Fabrics as Executive Vice President and CFO
on March 18th, reporting to Steve Morgan, President & CEO. James will oversee
the areas of Accounting-Finance, Loss Prevention, IT, Human Resources, and in
addition, will have oversight responsibility to the Planning and Allocation
function.

Prior to joining Hancock, James was employed by Fred’s, Inc., in Memphis,
where he served as Senior Vice President, Finance from November 2011 to March
2013, being promoted from his earlier positions of Vice President, Planning
and Analysis which he held from June 2008 to November 2011 and Assistant
Controller, which he held from February 2006 to May 2008. James started his
Accounting career with Feeley & Driscoll, P.C., a public accounting firm in
Boston, MA, following his service in the Marine Corps and graduating from the
University of Puget Sound with a Bachelor Degree in Accounting and Economics.
From there he entered private industry, holding accounting management
positions in such diverse organizations as Dragon Systems, Inc.- a speech
recognition software company; Transform Pharmaceuticals, Inc. - a biotech
start-up; Rotable Asset Management, LLC - a company specializing in aircraft
parts and maintenance; and Pinnacle Airlines, Inc. - a regional airline.

Hancock Fabrics’ CEO, Steve Morgan stated, “James joins Hancock Fabrics at an
exciting time in its history. Hancock Fabrics continues to focus on developing
and strengthening its capability across the organization and notably in the
areas of Inventory Control, Loss Prevention, Real Estate and Human Resources.
We believe we have developed a solid infrastructure as evidenced by 17
consecutive months of positive comparable sales. We are confident that James
will be a dynamic force, and that he will take a leadership role in driving
continued improved financial performance and future sales growth with the rest
of the team.”

Forward-looking Statements

Statements in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties which could
cause actual results to differ materially from those contained in the forward
looking statements. These risks and uncertainties include, but are not limited
to, general economic trends, intense competition and adverse discounting
actions taken by competitors, changes in consumer demand or purchase patterns,
the Company’s inability to implement its growth strategy and access funds for
future growth, delays or interruptions in the flow of merchandise between the
Company’s suppliers and/or its distribution center and its stores, rising fuel
costs, tightening of purchase terms by suppliers and their factories, the
Company’s significant indebtedness, a disruption in the Company’s data
processing services and other risks and uncertainties discussed in the
Company’s Securities and Exchange Commission (“SEC”) filings, including the
risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended January 28, 2012 and the Company’s other reports with the
SEC. The Company undertakes no obligation to revise these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unforeseen events.

Contact:

Hancock Fabrics, Inc.
Larry D. Fair, 662-365-6108
Vice President and CAO
 
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