Houston — francesca’s®, a specialty retail brand known for its distinctive boutique-style experience, has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. The filing is intended to facilitate a court-supervised process to maximize value for stakeholders.
Tiger Group, SB360 Capital Partners and GA Group, acting as advisors to francesca’s, have commenced court-approved store closing sales across the company’s entire store fleet as part of the Chapter 11 process.
“Shoppers will find discounts of 25% to 40% off across all product categories, and new merchandise will continue to arrive at stores,” says Michael McGrail, member, Tiger Group. “It’s an opportunity to add to or accessorize your wardrobe, find unique gifts or just go on a treasure hunt for extraordinary deals.
Founded in Houston in 1999, francesca’s has filed customary motions seeking authority to support ongoing operations, including continuing employee wages and benefits and honoring post-petition obligations to vendors and partners.
“This process provides a structured path to pursue the best outcome for all stakeholders,” says Curt Kroll, CFO. “We remain focused on operating responsibly and supporting our teams, partners and guests throughout this process.”
The full store list (450+ locations) is available at: https://francescas.com/store-locator.
Additional information regarding the Chapter 11 proceedings will be available at https://cases.stretto.com/FrancescasAcquisition.
SOURCE: francesca’s