Francesca's Holdings Corporation filed a stalking horse agreement in the US Bankruptcy Court for the sale of substantially all its assets on January 8, 2021. As per the agreement dated January 7, 2021 seeks the Court’s approval for the sale of substantially all its assets to Francesca’s Acquisition, LLC and Tiger Capital Group, LLC, the stalking horse bidder, for a purchase price of $17.36 million minus the Inventory Shortfall, minus the Accounts Receivable Shortfall minus the Freight Shortfall, minus the Prepaids Shortfall. Under the terms of the asset purchase agreement, the buyer has made/shall make an earnest money deposit of 15% of the purchase price upon the execution of the agreement. The buyer would be entitled to a break-up fee of $0.69 million and expense reimbursement of not more than $0.35 million in case of termination of the asset purchase agreement.