#Francesca’s boutique chain files for bankruptcy

Budget-friendly women’s clothier Francesca’s has filed for bankruptcy, becoming the latest retail casualty of the coronavirus pandemic.

The Houston-based chain — which operates 558 stores nationwide — filed for Chapter 11 bankruptcy protection in Delaware on Thursday after securing a commitment for $25 million in financing from its lender, Tiger Finance, according to court papers.

The 21-year-old company plans to sell its business and has lined up a stalking horse bid from investment firm TerraMar Capital.

Most retailers in financial distress try to hang on through the crucial holiday shopping season, putting off bankruptcy until the new year while they pile up cash. But the pandemic has pushed many companies over the cliff — most recently including Guitar Center, Century 21, Stein Mart and Tailored Brands.

“We are confident that we will emerge from this process as a stronger company poised to drive growth by exploring new brand avenues, expanding our ecommerce channels, and providing our customers with the latest fashion options and treasure hunt experiences they know and love us for,” chief executive Andrew Clarke said in a statement.

In November, Francesca’s said it planned to close 140 stores by the end of January.

Francesca’s has stores in 48 states and bills itself as a “boutique” that carries “only a few of each item, so everything you find is uniquely yours,” according to the company’s web site, which is touting a one-day flash, clearance sale of items priced at $10 and under.