Altar’d State owner bids $7M on Francesca’s IP

Group 1 - Francesca's has filed for Chapter 11 bankruptcy protection for the second time in approximately six years, following a phased liquidation process due to failure in securing alternative financing [6] - Stand Out For Good, which operates the Altar'd State brand, is the stalking horse bidder for Francesca's IP assets, with a proposed cash purchase price of $7 million [7] - The deal includes a break-up fee of $210,000 and an expense reimbursement of up to $150,000, although the reimbursement is being contested by the U.S. trustee for the bankruptcy case [7] Group 2 - Altar'd State, part of Stand Out For Good, operates around 120 stores as of September 2023 and has a faith-based approach to retail, donating some net proceeds to nonprofits [4][5] - The distressed fashion retailer Francesca's engaged Hilco to solicit interest in its assets, resulting in four interested buyers after discussions with over 20 potential purchasers [3]