francesca's® Announces Court Approval of Sale Process and Entry Into Stalking Horse Asset Purchase Agreement
Bids due on
Company Enters Into Stalking Horse Agreement With
francesca’s® Continuing to Serve Customers in the Ordinary Course
As previously announced, the Company entered into a Letter of Intent with
Under the terms of the Stalking Horse APA, the Buyers have agreed to purchase substantially all of the assets of the Company and its subsidiaries for approximately
"We are pleased to announce the signing of a Stalking Horse Agreement with the Buyers and that the court has authorized us to proceed with the bid, auction and sale process. We are excited to partner with TerraMar, keeping us on track to position francesca’s® for long-term success,” said Andrew Clarke, Chief Executive Officer of francesca’s®.
“We are very excited to have reached an agreement with francesca’s® and are enthusiastic for the strength of the brand and the future prospects for the business,” said
On December 3, 2020, francesca’s® and certain of its affiliates commenced its voluntary chapter 11 cases to reorganize under chapter 11 of the U.S. Bankruptcy Code. francesca’s® has retained the services of O’Melveny & Myers LLP and Richards Layton & Finger, P.A. as bankruptcy counsel and FTI Consulting, Inc. and FTI Capital Advisors LLC as the Company’s financial advisor and investment banker.
Additional information about the proposed asset sale, as well as other documents related to the restructuring and reorganization proceedings, is available at https://cases.stretto.com/francescas.
About Francesca's Holdings Corporation
francesca's® is a specialty retailer that operates a nationwide-chain of boutiques providing customers a unique, fun and personalized shopping experience. The merchandise assortment is a diverse and balanced mix of apparel, jewelry, accessories and gifts. As of today, francesca's® operates approximately 553 boutiques in 45 states throughout the United States and the District of Columbia and also serves its customers through www.francescas.com and its mobile app. For additional information on francesca's®, please visit www.francescas.com.
Source: Francesca's Holdings Corporation