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Houston — Francesca’s, the Houston-based apparel and accessories chain for women, has filed for Chapter 11 bankruptcy and will close an additional 97 stores across the country, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware.
Francesca’s had previously announced in mid-November that it would be closing 140 stores, or roughly 20% of its total count, and possibly pursuing a Chapter 11 bankruptcy declaration.
According to CNBC, Francesca’s has received a buyout offer from Los Angeles-based TerraMar Capital and hopes to close a sale by late January.
— Taylor Williams