Franchise Group Inc., the parent company of popular brands like The Vitamin Shoppe and Pet Supplies Plus, is reportedly getting ready to file for Chapter 11 bankruptcy as early as this weekend.

This decision comes after a period of financial losses and internal issues related to its founder and a major supporter. Sources suggest that the company, also known as FRG, has a plan for senior lenders, including HPS Investment Partners, to take control of the firm during the bankruptcy proceedings.

This move highlights the difficulties the company is facing due to ongoing operational challenges.