It is sad but yes Hancock's is going out of business. I remember the days of going to Hancock's with my mom and grandmother to buy material. We even went there to buy the material and patterns for my wedding dress and bridesmaids dresses many, many years ago. But alas, they are closing their doors and things are going fast - especially their patterns.
I went to their store in Fort Smith, Arkansas and found patterns were pretty picked over. Yarn is now 25% off and some of their fleece is as much as 50% off. I believe material is around 30% off.
The lady checking me out noted they are expecting to be closed down completely end of June / beginning of July at the latest. Also, they will get one more shipment from the warehouse but does not know when. So, one just has to keep checking back in to catch the best deals they can.
It is always sad when a company has been around as long as they have goes out of business. It is a byproduct of our times. For one, I believe there are fewer people sewing and making handmade items to be cherished by their families. Second, there is so much available on line that you can order now that people are not buying as much from brick and mortar stores. Personally, I do a little bit of both but prefer to actually see my material before I buy it.
So, my advice is if their is a Hancock's near you - go, take your children and/or grandchildren with you and find a project to make together. Take this time to make some memories of picking out materials, patterns or yarn together and doing something together.