FRG Sells Part of Chain to Former Executives for $1 Million

Former executives of Franchise Group Inc. won court approval to buy a group of furniture stores from the bankrupt brand manager after a judge rejected complaints about the sale.

US Bankruptcy Judge Laurie Silverstein said there was nothing unusual about the involvement of the two executives, who were top officers of the Franchise unit called Liberty Tax Service.

Michael S. Piper and Brent Turner are among the investors who paid $1.12 million for about 30 American Freight stores. The buyers closed on the first few stores earlier and were in court Tuesday to get approval to purchase the rest.

The ...