Mississippi-based crafts and fabrics retailer Hancock Fabrics is set to close all 185 of its stores after filing for bankruptcy in February.

The retailer tried to save the jobs of thousands of employees by divesting its remaining 185 outlets.

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Before filing for bankruptcy, the company had around 4,500 employees.

It was bought by Great American Group, which offered around $65m for Hancock’s assets, reported Postandcourier.com.

"Hancock had been struggling to reduce high operating costs, reporting a profit once over the last nine years."

The US Bankruptcy Court in Delaware approved sale of the assets to Great American Group as its offer was considered the ‘highest and best’.

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Hancock had been struggling to reduce high operating costs, reporting a profit once over the last nine years.

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In 2007, the company filed for bankruptcy and shut around 100 stores, before re-emerging in 2008.

Hancock had over $283m in sales in fiscal 2014.

Established in 1957 in Tupelo, Mississippi, the company ran more than 80 outlets by the 1970s and had more than 265 franchise outlets in the US.

According to The Associated Press, Great American Group would pay retention bonuses to prominent employees, up to 10% of base salary, who don’t voluntarily leave or are terminated.