A winning bidder has been announced to buy out Houston boutique clothing store francesca’s.
An affiliate of TerraMar Capital LLC and Tiger Capital LLC was selected as the winning bidder during a sales process among multiple bids and an auction under an enhanced asset purchase agreement, francesca’s announced in a Jan. 19 news release.
“We are extremely pleased with the interest in francesca’s during a robust auction process and that TerraMar emerged as the winning bidder,” said Andrew Clarke, who will remain francesca’s chief executive officer in the buyout. “TerraMar shares our belief in the future of the business, has proven experience in supporting companies like ours through the next phase of growth and is committed to a revitalized francesca’s.”
The transaction is expected to close by the end of January, subject to approval of the U.S. Bankruptcy Court for the District of Delaware; that decision is set to be issued Jan. 21 at 11 a.m. Eastern Time. Upon completion of the sale, the francesca’s business will exit from its Chapter 11 Bankruptcy proceeding.
