Franchise Group Inc., the parent company of popular brands like Vitamin Shoppe and Pet Supplies Plus, has recently filed for Chapter 11 bankruptcy protection in Delaware.
The company is currently facing significant financial difficulties, with reported assets and liabilities ranging from $1 billion to $10 billion.
This decision comes after a period of instability involving its founder and financial supporter, B. Riley Financial Inc.
It has been reported that FRG is currently in talks with lenders, including HPS Investment Partners, to transfer control of the company as part of ongoing negotiations to restructure its financial obligations.