Michaels buys Hancock Fabrics

Michaels Cos. has bought the rights to the Hancock Fabrics brand out of bankruptcy for $1.3 million.

Hancock Fabrics filed for bankruptcy earlier this year, its second bankruptcy in a decade, and ultimately closed its 250 stores in 37 states.

Michaels will now have a list of Hancock's 10 million customers, patents and trademarks, according to The Dallas Morning News.

Walmart has been dominating the craft and fabric categories while home decor sales have been declining or moving online, as retailers like Wayfair continue to grow.

For more:
- see this Dallas Morning News story