On Nov. 3, Franchise Group Inc. (FRG, Delaware, OH), the holding firm for retail manufacturers American Freight, Buddy’s Dwelling Furnishings, The Vitamin Shoppe and Pet Provides Plus, filed for Chapter 11 chapter.
As per the chapter submitting, FRG is at the moment present process a restructuring plan, however will proceed working Buddy’s Dwelling Furnishings, The Vitamin Shoppe and Pet Provides Plus. Franchised places aren’t a part of the authorized proceedings.
“Every of those companies has a demonstrated worth proposition and supplies nice services and products to prospects, which they are going to proceed to do seamlessly throughout this course of. Strengthening FRG’s steadiness sheet will permit us to reinforce our assist for these companies as they advance their development trajectories,” stated FRG President and CEO Andrew Laurence.
On Nov. 5, FRG started liquidating American Freight on account of “sustained inflation and financial challenges dealing with the big sturdy items sector.”
The Vitamin Shoppe, a significant dietary complement chain retailer based mostly in Secaucus, NJ, stated in a press release: “The Vitamin Shoppe’s enterprise is wholesome and robust, with sustainable money circulate and dynamic development initiatives that stay in movement. Our almost 700 shops and vitaminshoppe.com are absolutely open for enterprise and our Well being Fanatic groups are as devoted as ever to supporting prospects on their private journeys of lifelong wellness. The debt obligations of our mum or dad firm necessitated this strategic monetary step, which isn’t reflective of The Vitamin Shoppe’s personal monetary stability, ongoing dedication to serving our communities, and promising roadmap for future development.”
For extra data, go to https://cases.ra.kroll.com/FRG/.
