Francesca's Hits Ch. 11 As Pandemic Tightens Grip On Retail

Law360 (December 4, 2020, 10:36 AM EST) -- Nationwide women's clothing boutique chain Francesca's Holdings Corp. and three affiliates sought Chapter 11 protection in Delaware, reporting $290.5 million in debt, citing pandemic-weakened sales and aiming for a stalking horse-led company auction.

In papers filed late Thursday, the company identified investment firm TerraMar Capital LLC as the prospective bidder-to-beat in the company's sale effort but had not yet disclosed the minimum bid or terms of its bidding process.

Court filings and company statements indicated the case would be supported in part by a $25 million debtor-in-possession loan agreement with existing lender Tiger Finance LLC.

The nationwide specialty retailer, headquartered in...

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