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Francesca's in US to shut down 140 stores by Jan
20 Nov '20
1 min read
Pic. Francesca's
Houston-based clothing retailer Francesca’s recently announced in a filing with the Securities and Exchange Commission (SEC) that it will shut down 140 stores by 30 January. The company also clarified that if it fails to raise enough capital to continue its operations and honour its commitments, it will seek reorganisation under bankruptcy protection.
It has been exploring various options like cutting costs, debt refinancing and lease to improve its financial position. Though Francesca’s had been struggling since last year, the pandemic led to forced store closures, which finally dented its capital and inventory structure.
Most of its 700 stores run in malls, that too are in a poor state now.
It has been exploring various options like cutting costs, debt refinancing and lease to improve its financial position. Though Francesca’s had been struggling since last year, the pandemic led to forced store closures, which finally dented its capital and inventory structure.
Most of its 700 stores run in malls, that too are in a poor state now.
Fibre2Fashion News Desk (DS)
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