Hancockfabrics: Michaels buys Hancock Fabrics' brand, intellectual property

The former rival of failed retailer Hancock Fabrics Inc. bought its intellectual property assets. Michaels Stores inc. (NASDAQ: MIK) , which is based in Texas, bought the rights to Hancock's brand, patents and trademarks from U.S. Bankruptcy Court in Delaware for $1.3 million. The deal also includes all the customer information Hancock had collected from more than 10 million customers. Michaels operates about 1,300 locations, four of which are in the Memphis metro area, making it the largest craft...