Headlines
Francesca’s Going Out of Business
Fashion retailer closing stores and HQ after failing to obtain new funding.
Fashion retailer Francesca’s (Houston) plans to permanently cease operations following a “periodic progression” of store closures and layoffs, report a variety of news outlets, including Retail Dive. Information about the shutdown was provided in a Federal Worker Adjustment and Retraining Notification Act document the retailer filed Jan. 14 with its home state of Texas, the news service said.
PHOTO: FRANCESCA’S
In addition to the eventual closure of 450 stores, the chain is shuttering its headquarters, which employed just over 200. This news comes on the heels of the series of setbacks, including funding from an unnamed investor that fell through, RD reports.
“This sudden and unforeseen series of events was not what the company had hoped for or expected and unfortunately as a result, the long-term viability of the company is impossible,” read the retailer’s filing with Texas, which was signed by Chief Stores and Culture Officer Christine Kaighn.
AdvertisementFrancesca’s was acquired in 2020 by TerraMar Capital and Tiger Capital in a Chapter 11 bankruptcy; RD said neither of those companies could be reached for comment as of its posting.
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