Francesca's Sold In Del. Ch. 11 For $18M Cash, Other Terms

Law360 (January 21, 2021, 5:07 PM EST) -- Bankrupt women's fashion retailer Francesca's Holdings Corp. secured court approval in Delaware Thursday for a $19.25 million, mostly cash Chapter 11 sale, along with millions in additional consideration under terms that include the buyer's pick-up of 275 store leases.

Judge Brendan L. Shannon described the debtor's deal with private equity group TerraMar Capital — which beat out two other bidders — as "a very welcome result," noting that its terms are expected to preserve Francesca's as an operating business and save thousands of retail jobs.

Maria DiConza of O'Melveny & Myers LLP, counsel to the debtors, said the transaction could close in a...

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