On Nov. 3, Franchise Group Inc. (FRG, Delaware, OH), the holding firm for retail manufacturers American Freight, Buddy’s House 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 House Furnishings, The Vitamin Shoppe and Pet Provides Plus. Franchised places should not a part of the authorized proceedings.
“Every of those companies has a demonstrated worth proposition and offers nice services and products to clients, which they’ll proceed to do seamlessly throughout this course of. Strengthening FRG’s stability sheet will permit us to boost our help for these companies as they advance their progress trajectories,” mentioned FRG President and CEO Andrew Laurence.
On Nov. 5, FRG started liquidating American Freight resulting from “sustained inflation and financial challenges going through the big sturdy items sector.”
The Vitamin Shoppe, a significant dietary complement chain retailer primarily based in Secaucus, NJ, mentioned in an announcement: “The Vitamin Shoppe’s enterprise is wholesome and robust, with sustainable money move and dynamic progress initiatives that stay in movement. Our practically 700 shops and vitaminshoppe.com are totally open for enterprise and our Well being Fanatic groups are as devoted as ever to supporting clients on their private journeys of lifelong wellness. The debt obligations of our guardian 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 progress.”
For extra data, go to https://cases.ra.kroll.com/FRG/.
