After filing for Chapter 11 bankruptcy last week, women’s apparel retailer Francesca’s Holdings Corp. filed a motion in court to begin closing sales at 97 stores, including one in the St. Augustine Outlets mall.
Francesca’s operates 558 stores in 45 states but said last week it intends to close 140 stores. It also said it is attempting to renegotiate leases, which may result in additional closings.
The company has one other Northeast Florida store operating at 4712 River City Drive in the St. Johns Town Center.
The Houston-based company filed for Chapter 11 on Dec. 3 in U.S. Bankruptcy Court for the District of Delaware and said it intends to implement a sale process through bankruptcy.
Francesca’s has an agreement with investment firm TerraMar Capital LLC to bid on the company but other potential buyers could offer higher bids in a court auction.
“Implementing this process allows Francesca’s to address our lease obligations and seek a new investor that can see Francesca’s into the future,” CEO Andrew Clarke said in a news release.
The company said it intends to close a sale by Jan. 20.
A Francesca’s spokeswoman did not respond to email and phone messages seeking more information on the two Jacksonville area stores.
St. Augustine Outlets is on the east side of Interstate 95 at Florida 16.