Francesca's

Francesca's December 2020 bankruptcy collapsed the women's boutique chain after a decade of decline. The company had grown to 700 stores selling affordable jewelry, accessories, and apparel through curated boutique experience. When customers shifted online and fast fashion offered similar items cheaper, Francesca's couldn't compete. Private equity owners TerraMar Capital bought the company out of bankruptcy, closing 250 stores. Francesca's demonstrated that 'boutique experience' is expensive to deliver at scale and easily undermined by online alternatives.