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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