BALDWYN – Jane Aggers, the chief executive officer of Hancock Fabrics, will continue to earn an annual base salary of $450,000, according to a government filing this week.
The craft and fabric retailer on Tuesday made public that Aggers signed a revised contract which became effective Aug. 1, 2008. The contract has a 30-month term that will be extended automatically in one-day increments when it expires in January 2011.
The new contract replaces the one Aggers signed when she became CEO in January 2005 after Larry Kirk resigned. Her contract then included an annual salary of $450,000.
Under the new contract, Aggers is paid a base salary of $37,500 per month, plus an auto allowance of $750 per month.
She also receives benefits provided to other Hancock employees, such as medical and life insurance. In addition, the filing with the U.S. Securities and Exchange Commission said Aggers will have the opportunity to earn a performance award under the company’s bonus plan.
The news comes a week after the formerly bankrupt retailer narrowed its losses in fiscal 2008 to $12.4 million, compared to $33.3 million in 2007.
Carlie Kollath/Daily Journal