Francesca’s information voluntary Chapter 11 to implement sale



Francesca’s Holdings Company, a US specialty retailer providing girls’s attire, sneakers and equipment, not too long ago voluntarily filed for Chapter 11 chapter aid within the district of Delaware. It desires to make use of the proceedings to implement a sale course of centered on its core retail places and its digital enlargement and new model launches.

It has obtained a dedication from its present lender, Tiger Finance, for a $25 million debtor-in-possession (DIP) financing facility, the corporate stated in a press launch.

The corporate will file a movement in search of authorisation to pursue an public sale and sale course of and expects to maneuver via the sale course of as expeditiously as doable.

It has entered right into a letter of intent with TerraMar Capital, an funding agency that gives debt and fairness capital to middle-market companies, for TerraMar or an affiliate to grow to be the stalking horse bidder for the public sale and sale course of.

The corporate beforehand introduced plans to shut 140 boutiques and plans to aim to renegotiate quite a lot of leases throughout this course of, which can embrace closing extra boutiques. As of in the present day, 558 boutiques stay open for enterprise.

FTI Consulting and FTI Capital Advisors have been retained as the corporate’s monetary advisor and funding banker, topic to approval of the court docket, to handle the sale and public sale course of. Bids anticipated to be submitted by January 13, 2021 and the public sale is focused to start no later than January 15. The sale is anticipated to be concluded by January 20.

Fibre2Fashion Information Desk (DS)

Francesca’s Holdings Company, a US specialty retailer providing girls’s attire, sneakers and equipment, not too long ago voluntarily filed for Chapter 11 chapter aid within the district of Delaware. It desires to make use of the proceedings to implement a sale course of centered on its core retail places and its digital enlargement and new model launches.





Supply hyperlink

Leave a Reply

Your email address will not be published. Required fields are marked *

Leave a comment
scroll to top