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Francesca's will close 140 stores by January, and may file for bankruptcy - Business Insider

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Francesca's will close 140 stores by January, and may file for bankruptcy

, Francesca's said that it will close about 140 stores by the end of January 2021. The company also noted that it may need to file for bankruptcy. "If the Company is unable to raise sufficient additional capital to continue to fund operations and pay its obligations, the Company will likely need to seek a restructuring under the protection of applicable bankruptcy laws."

Francesca's had 700 locations at the end of the second quarter, so the 140 stores to close make up about 20% of total stores. The retailer also said that it is "evaluating various alternatives to improve its liquidity and financial position" by looking at lease deferrals and further reducing operating costs. It expects to incur charges of $29 to $33 million, according to the filing.

 

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