2020-12-03 19:40:31 FRAN Francesca's
12/03/20 12/0319:40 12/03/2019:40 | Francesca's files voluntary Chapter 11 to implement saleFrancesca's "announced that the company, along with its subsidiaries, has voluntarily filed for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on December 3, 2020. francesca's intends to use these proceedings to implement a sale process focused on the company's core retail locations as well as its promising digital expansion and new brand launches. The company will be filing a motion seeking authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code and expects to move through the sale process as expeditiously as possible. The company is committed to working with its lenders and stakeholders towards a speedy and successful resolution of the cases. francesca's(R) has received a commitment from its existing lender, Tiger Finance, LLC, for a $25M debtor-in-possession financing facility. The new facility, which is subject to Court approval, will enable the Company to continue to operate the business and meet its financial obligations, including the timely payment of employee wages and benefits, continued provision of customer orders and shipments, and payment of other obligations during the chapter 11 cases. This funding will support the company for the duration of the sale process, providing francesca's with the financial runway and flexibility to run a thorough process to maximize value. After thoroughly evaluating all strategic alternatives, the Board of Directors unanimously agreed that pursuing a sale of the business is a necessary step forward for the business." |
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