Franchise Group, Inc. Closes on the Acquisition of the Sears Outlet Business from Sears Hometown and Outlet Stores, Inc.
24 10월 2019 - 12:15AM
Franchise Group, Inc. (OTC PINK: FRGA) ( “Franchise Group” or the
“Company”) today announced the completion of its previously
announced acquisition from Sears Hometown and Outlet Stores,
Inc. (“Sears Hometown”) (NASDAQ: SHOS) of the Sears
Outlet business and Buddy’s Home Furnishing stores of Sears
Hometown (“Sears Outlet business”). This transaction
continues the strategic transformation of Franchise Group,
including building a franchising platform that is intended to
complement and diversify Franchise Group’s current businesses and
operations.
The Sears Outlet business is designed to provide
customers with in-store and online access to new, one-of-a kind,
out-of-carton, discontinued, reconditioned, overstocked, and
scratched and dented products across a broad assortment of
merchandise categories, including home appliances, lawn and garden
equipment, apparel, mattresses, sporting goods and tools, at prices
that are significantly lower than list prices. The unique portfolio
of the Sears Outlet business retail stores and its
distribution capabilities adds complementary products and sales
channels that will enable the Company to offer
high-quality home goods to consumers across the nation, while also
offering unique value propositions. With the addition of the Sears
Outlet business, the Company’s store portfolio now includes over
four hundred retail locations across its various brands and
platforms, with a combination of Company operated and franchisee
operated stores.
The acquisition of the Sears Outlet
business is an important step forward in the evolution of
Franchise Group’s strategic objectives, as it follows the July
2019 acquisition of Buddy’s Home Furnishings.
Andrew Laurence, the Company’s Executive Vice
President and Chairman of Franchise Group’s Board of Directors,
said, “We welcome the Sears Outlet management team and its
employees to Franchise Group. We believe the Sears Outlet
team will be a great addition to our company and will assist us in
achieving our long-term strategy. This acquisition
demonstrates our ability to enhance our portfolio of operating
businesses and brands at attractive valuations.”
In connection with and immediately following the
closing of the acquisition of the Sears Outlet business, and as
previously announced, A-Team Leasing became a franchisee of 5
Sears Outlet business locations and an existing franchisee of
Buddy’s Home Furnishings acquired the 9 Buddy’s Home Furnishing
locations that were acquired together with the Sears Outlet
business from Sears Hometown.
About Franchise Group, Inc.
Franchise Group, Inc. (OTC PINK: FRGA) is an
operator and acquiror of franchised and franchisable businesses
that it can scale using its operating expertise. Franchise
Group owns and operates Liberty Tax Service, Buddy’s Home
Furnishings and the Sears Outlet business. Additionally, the
Company announced in August 2019 the proposed acquisition of The
Vitamin Shoppe, Inc. by the Company, which is expected to close
prior to the end of calendar 2019. Liberty Tax Service
operates in the U.S. and Canada and prepared approximately two
million individual income tax returns in more than 3,100 offices
and online last year. Buddy’s Home Furnishings is a specialty
retailer engaged in the business of leasing and selling consumer
electronics, residential furniture, appliances and household
accessories.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, without
limitation, projections, predictions, expectations, or beliefs
about future events or results and are not statements of historical
fact. Such statements also include statements about the Company’s
completion of its pending acquisition of The Vitamin Shoppe, Inc.
Such forward-looking statements are based on various assumptions as
of the time they are made, and are inherently subject to known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
Forward-looking statements are often accompanied by words that
convey projected future events or outcomes such as “expect,”
“believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,”
“will,” “may,” “view,” “opportunity,” “potential,” or words of
similar meaning or other statements concerning opinions or judgment
of the Company or its management about future events. Although the
Company believes that its expectations with respect to
forward-looking statements are based upon reasonable assumptions
within the bounds of its existing knowledge of its business and
operations, there can be no assurance that actual results,
performance, or achievements of the Company will not differ
materially from any projected future results, performance or
achievements expressed or implied by such forward-looking
statements. Actual future results, performance or achievements may
differ materially from historical results or those anticipated
depending on a variety of factors, many of which are beyond the
control of the Company. We refer you to the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Company’s Annual Report on
Form 10-K for the year ended April 30, 2019, and comparable
sections of the Company’s Quarterly Reports on Form 10-Q and other
filings, which have been filed with the SEC and are available on
the SEC’s website at www.sec.gov. All of the forward-looking
statements made in this press release are expressly qualified by
the cautionary statements contained or referred to herein. The
actual results or developments anticipated may not be realized or,
even if substantially realized, they may not have the expected
consequences to or effects on the Company or its business or
operations. Readers are cautioned not to rely on the
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made
and the Company does not undertake any obligation to update, revise
or clarify these forward-looking statements, whether as a result of
new information, future events or otherwise.
INVESTOR RELATIONS CONTACT:Andrew F.
KaminskyEVP & Chief Administrative OfficerFranchise
Group, Inc.akaminsky@franchisegrp.com(914) 939-5161
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