Francesca's Holdings Corp fka FRANQ

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Even with shuttered stores, rent is payable on the leases. Insurance. Perhaps some utilities such as telephone bills. Heat. In cold weather. (you don't want water pipes to freeze) Do you disconnect your phone when you go on vacation? Most retailers are still paying some inactive employees, especially management. Paying healthcare. I could name a bazillion expenses that mothballed stores continue ringing up.

Common area fees continue to mount in malls. Guards and watchmen still needed. Maintenance. Lawn care. Empty or full, malls need repairs.

No doubt online sales are strong.... at sellers like Amazon or Walmart.com.