April 26, 2014 9:58:07 PM
TUPELO -- Hancock Fabrics says it plans to stop being a publicly traded company, allowing executives to focus on improving its business.
The company, based in Tupelo, announced its decision Friday.
The Northeast Mississippi Daily Journal reports the change has been approved by the Hancock Fabrics board of directors and must be approved by shareholders in August.
The company trades under the symbol HKFI, and shares closed at 96 cents each Friday.
James Brown, the company's chief financial officer, says being publicly traded "really isn't that beneficial, and the costs outweigh the benefits."
The company entered bankruptcy protection in 2007 and emerged in 2008. It has made an annual profit only once since, in 2009.
Brown says the company's operating income was $4 million in 2013, the best since 2009.