Credit: Emile Wamsteker/Bloomberg via Getty Images
Credit: Emile Wamsteker/Bloomberg via Getty Images
Francesca’s plans to close more stores on top of the 137 locations it closed prior to filing for bankruptcy, the company announced.
The apparel and accessories retailer filed for Chapter 11 bankruptcy on Dec. 4. In court documents the company said it plans to shutter an additional 97 locations that are “currently underperforming relative to lease costs.” As of Dec. 1, Francesca’s was operating 558 stores nationwide, according to the documents.
The company has a location at The Greene Town Center and Cincinnati Premium Outlets that remain open today.
Francesca’s currently has a takeover offer from TerraMar Capital, which is serving as the stalking horse bidder in its sale process. Other potential bidders are studying the company. Bids are expected to be submitted by Jan. 13, with the sale intended to be concluded by Jan. 20, according to media reports.
About the Author
