IN THE NEWS

SECOND AVENUE CAPITAL PARTNERS AND TIGER FINANCE PROVIDE $25MM ABL IN SUPPORT OF FRANCESCA’S FOLLOWING ASSET SALE

BOSTON, Massachusetts – February 2, 2021 – Francesca’s Holdings Corporation and Francesca’s Acquisition LLC, an affiliate of TerraMar Capital LLC, announced, after a fulsome auction and sale process under Section 363 of the United States Bankruptcy Code, that it completed the sale of substantially all of francesca’s® assets, including all inventory and the francesca’s® brand, to Francesca’s Acquisition LLC, Tiger Capital Group LLC (“Tiger”) and SB360 Capital Partners (“SB360”).

francesca’s® will continue to serve its customers through at least 275 boutiques, its e-commerce channels and the Company’s existing Houston, TX headquarters. The new francesca’s® business has firm financial footing, which includes a new $25 million asset based revolving credit facility provided by affiliates of Tiger and SB360, Tiger Finance, LLC and Second Avenue Capital Partners, LLC. The bankruptcy estates will be wound down through a liquidating plan.

“Today marks a new day for francesca’s®. We are excited to complete the sale of francesca’s® assets to our new ownership group who are committed to our business, our people and our brand. With the support of TerraMar, Tiger and SB360, we look forward to exploring new brand avenues, expanding our ecommerce channels, and providing our customers with the latest fashion options and treasure hunt experiences they know and love,” said Andrew Clarke, francesca’s® Chief Executive Officer.

“The closing of this transaction begins a new era for francesca’s®. The Company is well positioned to continue to provide great products for its customers but also expand new channels for growth.” said Joshua Phillips, Managing Partner of TerraMar.

“francesca’s® has long been known as a go-to destination for customers looking for a personalized and a unique shopping experience,” said Chris O’Connor, President of Second Avenue Capital Partners. “But the pandemic resulted in significantly different challenges for the company.  With our connections to the retail space, we were able to preserve jobs and keep a balance of the stores open. We’re excited about the opportunity to work with TerraMar and set their vision in motion for the long-term success of francesca’s®.”

Andy Babcock, Managing Director of Tiger said, “We are excited to be partnering with TerraMar and Mr. Clarke’s leadership team to invest in the future growth of francesca’s®. We see tremendous opportunity to take what is already a high-quality quality brand and, by bringing the necessary financial resources, create an even more sustainable business.”

francesca’s® was represented in the sale by O’Melveny & Myers LLP and Richards Layton & Finger, P.A. as bankruptcy counsel and FTI Consulting, Inc. and FTI Capital Advisors LLC as the Company’s financial advisor and investment banker. TerraMar Capital, LLC and Francesca’s Acquisition, LLC was represented by McDonald Hopkins LLC and Young Conaway Stargatt & Taylor, LLP as counsel. Tiger Finance and Tiger Capital Group, LLC were represented by Greenberg Traurig, LLP.

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