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Michaels buys Hancock Fabrics brand

BY Al Urbanski

Michaels purchased the rights to Hancock Fabrics’ brand and intellectual property for $1.3 million from U.S. Bankruptcy Court in Delaware.

The Texas-based crafts retailer takes possession of its ex-rival’s patents and trademarks, as well as its name. Personal and transactional data from 10 million Hancock customers was included in the deal, according to the Memphis Business Journal.

Hancock was in the process of closing 70 stores when it filed for bankruptcy in February. Unable to locate a buyer for the remaining 185 units, it shuttered them in April.

Michaels is the nation’s leading crafts retailer with some 1,300 locations, more than twice as many as remaining competitor Hobby Lobby.

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HSN moves c-suite exec to anchor Cornerstone division

BY Katherine Boccaccio

HSN’s CFO and COO is taking a new job, but she won’t have to travel far.

Judy Schmeling has assumed the helm of the Cornerstone Brands division of HSN, which consists of home and apparel banners such as Frontgate, Garnet Hill, Grandin Road and TravelSmith.

Schmeling, who will continue to report to HSN CEO Mindy Grossman, will maintain her COO position at HSN, and she will remain CFO until a successor is appointed.

“Over her 22 year tenure, Judy has contributed significantly to HSNi’s growth and development, including taking the company public in 2008, the credit facility refinancing that significantly strengthened the company’s financial position, the implementation of our operational centers of excellence across the organization, and the expansion of our experiential retail operations and distribution platforms,” said Grossman.

The company separately announced today that it has entered into a letter of intent to sell Cornerstone’s TravelSmith and Chasing Fireflies brands.

It also reported that its second quarter earnings beat profit forecasts; the retailer generated earnings of $26.4 million in the second quarter, surpassing Wall Street expectations. Revenue was $854.3 million in the period.

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HSN taps moves c-suite exec to anchor Cornerstone division

BY 1

HSN’s CFO and COO is taking a new job, but she won’t have to travel far.

Judy Schmeling has assumed the helm of the Cornerstone Brands division of HSN, which consists of home and apparel banners such as Frontgate, Garnet Hill, Grandin Road and TravelSmith.

Schmeling, who will continue to report to HSN CEO Mindy Grossman, will maintain her COO position at HSN, and she will remain CFO until a successor is appointed.

“Over her 22 year tenure, Judy has contributed significantly to HSNi’s growth and development, including taking the company public in 2008, the credit facility refinancing that significantly strengthened the company’s financial position, the implementation of our operational centers of excellence across the organization, and the expansion of our experiential retail operations and distribution platforms,” said Grossman.

The company separately announced today that it has entered into a letter of intent to sell Cornerstone’s TravelSmith and Chasing Fireflies brands.

It also reported that its second quarter earnings beat profit forecasts; the retailer generated earnings of $26.4 million in the second quarter, surpassing Wall Street expectations. Revenue was $854.3 million in the period.

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