RCS Real Estate Advisors announced it has been retained by Hancock Fabrics, debtor-in-possession, to generate value for the estate through the sale of leases. RCS Real Estate Advisors senior VP Spence J. Mehl made the announcement.
 
"We were retained to market the leases of the 70 stores Hancock will be closing and, if necessary, to conduct a bankruptcy auction to maximize the potential value for the estate," said Spence J. Mehl, senior VP for RCS. "RCS is currently accepting bids on these leases in 31 states with availabilities between 7,500 and 30,000 sq. ft."
 
RCS will also be seeking to reduce the occupancy costs at the remaining 180 locations that Hancock Fabrics plans to continue operating. This retention is an extension of RCS Real Estate Advisors' existing relationship with Hancock Fabrics and is subject to approval by the United States Bankruptcy Court for the District of Delaware.