Hancockfabrics: Michaels buys Hancock Fabrics' brand, intellectual property

A former rival of failed retailer Hancock Fabrics Inc. has purchased its intellectual property assets. Michaels Stores Inc. (NASDAQ: MIK), based in Irving, 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. Today, Michaels does not sell fabrics in stores, but does offer the products online. The transaction represents...