Francesca’s files for bankruptcy

Dec. 03, 2020 10:41 PM ETFrancesca's Holdings Corporation (FRAN)FRANBy: Carl Surran, SA News Editor48 Comments
  • Francesca's Holdings (NASDAQ:FRAN) files for Chapter 11 bankruptcy, the latest clothing retailer to reorganize under court protection amid the pandemic.
  • Francesca's says it plans to use the proceedings to implement a sale process, and has received a commitment from existing lender Tiger Finance for a $25M debtor-in-possession (“DIP”) financing facility to support the company for the duration of the process.
  • TerraMar Capital or an affiliate will become the stalking horse bidder for the auction and sale process.
  • Francesca's earlier had announced plans to close 140 of its 700 boutiques and says it may need to close more stores; currently, 558 boutiques remain open for business.

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