Franchise Group Inc., backed by B. Riley Financial Inc., disbursed $5.75 million in retention bonuses to insiders as it faced bankruptcy. Additionally, key employees received $2.16 million in bonuses, which can be reclaimed if they leave early, as noted in court documents from the Chapter 11 case.
Franchise Group Inc. has received temporary court approval to borrow up to $250 million from senior lenders to maintain operations during its Chapter 11 bankruptcy proceedings. Bankruptcy Judge John Dorsey dismissed objections from lower-ranking creditors, who proposed an alternative loan with lower fees and interest but insufficient cash for the company's needs.
Bryant Riley, co-founder of B. Riley Financial Inc., expressed deep personal distress over the bankruptcy of Franchise Group Inc. (FRG), a year after facilitating a $2.8 billion buyout that became a significant asset for his firm. The Chapter 11 filing has wiped out FRG’s equity, resulting in a $120 million impairment for B. Riley, adding to prior writedowns totaling up to $370 million.
Franchise Group Inc., owner of brands like Vitamin Shoppe and Pet Supplies Plus, has filed for Chapter 11 bankruptcy protection in Delaware, citing significant losses and turmoil involving its founder and backer, B. Riley Financial Inc. The company reported assets and liabilities between $1 billion and $10 billion and is set to transfer control to lenders, including HPS Investment Partners, following extensive restructuring negotiations.
Franchise Group Inc., which owns brands like The Vitamin Shoppe and Pet Supplies Plus, is set to file for Chapter 11 bankruptcy this weekend after enduring months of financial losses and turmoil involving its founder and a key investor. The plan involves senior lenders, including HPS Investment Partners, taking control of the company as it seeks to restructure.
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