More Retail In Trouble – Francesca’s Closing Almost 150 Stores
As 2020 continues to lay waste to the business landscape across the country, another big clothing chain with a number of Jersey Shore locations just announced that dozens of stores will be closing and bankruptcy isn't out of the question.
Reports out this week say that women's clothing retailer Francesca's it planning to close around 140 stores.
According to CNBC, it'll happen quickly, too, potentially as soon as the end of January 2021.
“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
Locally, there are 5 Francesca's locations between Ocean and Monmouth Counties:
- Toms River - Ocean County Mall
- Sea Girt - Brook 35 Plaza
- Tinton Falls - Jersey Shore Premium Outlets
- Freehold - Freehold Raceway Mall
- Shrewsbury - The Grove at Shrewsbury
That's only a small sampling of the locations throughout New Jersey, according to the Francesca's website, the chain has 25 locations scattered throughout the Garden State.
Neither the CNBC report nor the regulatory filing with the Securities and Exchange Commission named specific locations that will be closing by January 2021, but with a reported 677 locations in 48 states, the 140 number would represent almost a quarter of their total stores.
If we hear that any of the Francesca's stores in Ocean or Monmouth Counties will be closing permanently, we'll let you know.
You can click here for the full report from CNBC.