AMERICAS DISTRESS DAILY: Franchise Group Files for Chapter 11

Franchise Group, the owner of brands including the Vitamin Shoppe and Pet Supplies Plus, filed for bankruptcy protection after months of losses and turmoil surrounding its founder and its backer B. Riley Financial.

Franchise has struck a restructuring deal with lenders that own most of its senior debt. That includes swapping out first lien debt for all of the reorganized business’ equity. The firm, which reached an agreement to obtain $250 million in Chapter 11 financing with its first-lien lender group, will wind down discount retailer American Freight and start store-closing sales Tuesday.

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