By Carlie Kollath | NEMS Daily Journal
TUPELO – Baldwyn-based Hancock Fabrics on Monday named Steven R. Morgan its new president and CEO, effective immediately.
Morgan has been the interim CEO and president since January.
The board appointed Morgan to the position after the members opted not to renew Jane Aggers’ contract. She had been CEO for six years. She was given the reins after Larry Kirk retired from the position after 33 years, eight as CEO.
Morgan has been on Hancock’s board since June 2010. He has more than 30 years of retail experience, according to a press release from the company.
Most recently, he was president of GameStop Corp. He also was president of North American operations at Electronic Boutiques, as well as president of EB Games – Canada. Plus, he held various senior executive roles with May Department Stores and Federated Department Stores.
In addition, he is an operating partner with Verite Capital Partners, a private equity and consulting firm, and was a director of Movie Gallery.
The news comes about a month after Hancock Fabrics reported a second quarter loss of $3.9 million, compared to a loss of $757,000 in the year-ago quarter.
Same-store sales fell 4.1 percent in the quarter compared to a 0.7 percent increase in the previous year.
As of July 30, the company had a year-to-date loss of $6.1 million, compared with a loss of $2.1 million in the first half of last year.