Hancock Fabrics cuts loose top executive

By Carlie Kollath/NEMS Daily Journal

BALDWYN – Hancock Fabrics on Friday said it will not renew the contract of President and CEO Jane Aggers.
She will leave the company Jan. 28, ending a six-year stint at the Baldwyn-based retailer. Aggers also will resign from the company’s board.
Board member Steven R. Morgan will serve as interim president and CEO.
“Ms. Aggers helped Hancock Fabrics through a difficult period and its successful emergence from bankruptcy in 2008,” said Steven Scheiwe, chairman of the company’s board of directors, in a statement. “The board is appreciative of her leadership over the past six years.”
A company official declined to comment further.
The news comes a month after Hancock said its quarterly net income dropped by more than half.
According to a news release, Morgan will serve as the interim leader while a committee searches for a successor.
Morgan has been on Hancock’s board since June 2010. He previously was the president of GameStop Corp. and president of North American operations at Electronic Boutiques. He also was an executive with May Department Stores and Federated Department Stores.
Aggers was a 24-year veteran of fabric and craft retailing rival Jo-Ann Stores when she took the helm of Hancock on Jan. 31, 2005, succeeding Larry Kirk.
She had run a consulting business for four years before being named to the post.
Aggers led Hancock when it filed for Chapter 11 bankruptcy in March 2007 and when it emerged in 2008. The company is suing its former accountants, PricewaterhouseCoopers, alleging that PwC’s practices forced Hancock to file for bankruptcy.
The company operates 266 retail stores in 37 states and an Internet store at Hancockfabrics.com.
Contact Carlie Kollath at (662) 678-1598 or carlie.kollath@journalinc.com.