Francesca’s to close stores nationwide, including Jacksonville location
Popular boutique-style women’s clothing retailer Francesca’s is reportedly closing stores nationwide.
Francesca’s, a women’s clothing boutique, has filed for bankruptcy and is currently holding store closing sales nationwide.
The Houston-based retailer filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for New Jersey on Feb. 5, according to court documents obtained by USA TODAY. The company announced the closing sale in a press release the next day, saying sale items included blouses, skirts, loungewear and more.
One of the companies advising Francesca on her bankruptcy filing is Tiger Capital Group, according to a press release. Michael McGrail of Tiger Capital Group said in a release that as part of the application, customers will be able to get 25% to 40% off items during the store closing sale.
“New products will continue to arrive in stores,” McGrail said in the release. “It’s an opportunity to add to and accessorize your wardrobe, find unique gifts, or go on a treasure hunt for special deals.”
USA TODAY reached out to a Francesca’s spokesperson on Feb. 12 to ask when the store will permanently close, but did not immediately receive a response.
Here’s what we know so far about Francesca’s storewide closing sale and the company’s recent bankruptcy filing.
What does Francesca sell?
Founded in 1999, Francesca’s carries items such as sweaters and cardigans, underwear, party and floral dresses, wedding guest dresses, rompers and jumpsuits, and jewelry.
Francesca’s said in an email to shoppers that its store closing sale includes 30% off all clothing, gifts, home goods and clearance items.
The company will also be offering a buy-one-50% off sale on all jewelry and accessories, as well as a buy-one-get-two-for-$15 sale on clearance jewelry, according to the email.
The company previously filed for bankruptcy under another owner
Francesca’s has more than 450 boutiques in 45 states and more than 3,400 employees, according to the company’s website.
Francesca’s has remained quiet over the past month about its liquidation and closure, but employees confirmed the closure to media in Nevada and elsewhere. In mid-January, an employee told the Reno Gazette Journal, part of the USA TODAY Network, that the store at Reno’s Meadowwood Mall would be closing. Employees did not specify a closing date.
This is not the first time Francesca’s has filed for bankruptcy. The company previously filed for Chapter 11 bankruptcy protection in December 2020 under separate ownership, according to court documents obtained by USA TODAY and Tiger Capital Group.
During its filing six years ago, the company reported between 1,000 and 5,000 creditors, between $10 million and $50 million in assets, and between $10 million and $50 million in debt. The company announced plans to close 140 stores and sell the business.
In its latest filing, Francesca’s said it owes between 1,000 and 5,000 creditors, listing assets between $10 million and $50 million and debts between $50 million and $100 million.
What will happen to Francesca’s financial situation?
The company said its legal representatives have filed a motion seeking assurances that the company can support its current operations, pay employee wages and benefits, and meet its obligations to vendors and partners.
Francesca’s Chief Financial Officer Curt Kroll said in a press release that the company has a “structured path to pursuing the best outcomes for all stakeholders.”
“We remain focused on operating responsibly and supporting our teams, partners and guests through this process,” Kroll said.
Customers can find a Francesca store near them at www.francescas.com.
Contributor: Kelly Tyko, USA TODAY. Jason Hidalgo, Reno Gazette Journal
Saleen Martin is a reporter for USA TODAY’s NOW team. She is from Norfolk, Virginia (757). Email sdmartin@usatoday.com.
