Francesca’s selects TerraMar, Tiger as winning bidders for assets

By Sarah Lizee

Olympia, Wash., Jan. 19 – Francesca’s Holdings Corp. announced Tuesday that it has selected stalking horse bidders TerraMar Capital, LLC affiliate Francesca’s Acquisition, LLC and Tiger Capital Group, LLC as the winning bidders for its assets.

Under the terms of the stalking horse agreement, the buyers agreed to purchase substantially all of the assets of the company and its subsidiaries for about $17 million in cash, subject to some adjustments, plus the assumption of substantial liabilities, as previously reported.

The transaction is subject to the approval of the bankruptcy court and the satisfaction of customary closing conditions.

A sale hearing is scheduled for Thursday.

The transaction is expected to close by the end of January. Francesca’s said that upon completion of the sale, it will be able to exit from its Chapter 11 bankruptcy proceedings.

Francesca’s is a Houston-based specialty retailer that operates a chain of boutiques providing apparel, jewelry, accessories and gifts. The company filed bankruptcy on Dec. 3 under Chapter 11 case number 20-13076.

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