National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hilco to Manage Nationwide Store Closings for American Freight
Hilco Consumer-Retail said Wednesday it will manage store closings for American Freight, which is shuttering all 328 of its locations nationwide. The closings occur as part of the Chapter 11 bankruptcy filing of Franchise Group, Inc. (FRG), the parent of American Freight, which said the decision to wind down the furniture and appliance retailer was due to “sustained inflation and macroeconomic challenges facing the large durable goods sector.”
FRG undertook the Chapter 11 filing at U.S. Bankruptcy Court in Delaware in part to position its strongest brands—Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings—for continued growth. Franchise operations of the three brands are not part of the filing.
“Each of these businesses has a demonstrated value proposition and provides great products and services to customers, which they will continue to do seamlessly during this process,” said Andrew Laurence, FRG’s president and CEO. “Strengthening FRG’s balance sheet will allow us to enhance our support for these businesses as they advance their growth trajectories.”
- ◦Sale/Acquisition
