Francesca's files for bankruptcy, launches closing sales at all locations
Women’s specialty retailer Francesca’s filed for Chapter 11 bankruptcy protection and launched going-out-of-business sales at all its stores.
The company, founded in Houston in 1999, announced Friday that it voluntarily filed for protection in the U.S. Bankruptcy Court for the District of New Jersey. The retailer said the move is intended to facilitate a court-supervised process designed to maximize value for stakeholders.
Francesca's currently has 457 locations in 45 states.
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Advisors Tiger Group, SB360 Capital Partners and GA Group have launched court-approved store closing sales across the company’s entire fleet.
"Shoppers will find discounts of 25-40% off across all product categories, and new merchandise will continue to arrive at stores," Michael McGrail of Tiger Group said in a statement.
"It's an opportunity to add to or accessorize your wardrobe, find unique gifts or just go on a treasure hunt for extraordinary deals."
Discounted merchandise includes sweaters and cardigans, blouses and skirts, loungewear and intimates, denim jackets, party and wedding guest dresses, rompers and jumpsuits and jewelry, gifts and accessories.
Francesca's filed for Chapter 11 bankruptcy protection in December 2020 and was later acquired out of bankruptcy by TerraMar Capital and Tiger Group for $18 million.
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In the years after exiting bankruptcy, Francesca’s attempted revival efforts, including launching a tween-oriented line called Franki by Francesca’s and acquiring Miley Cyrus and Suki Waterhouse's lifestyle brand Richer Poorer. The chain also opened a new store at the American Dream mall in East Rutherford, New Jersey, in April 2024.
A spokesperson for Francesca's did not immediately respond to FOX Business' request for comment.
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FOX Business' Kristen Altus contributed to this report.