Francesca’s, the even now-struggling merchant, says that the coronavirus prompted a shut down of more than 700 of the company’s boutiques from the end of March through the end of April. This led to a significant decline in its equivalent sales, online sales, and gross profits. With those circumstances, the company says their need to file for bankruptcy is more important than ever to continue to keep their business operating. This statement comes after their failure to pay rent for the months of April, May, and June, which is a violation under its asset-based and term credit contract.
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