American Freight, a renowned appliance and furniture chain, is closing down as Franchise Group files for Chapter 11 bankruptcy protection, aiming to enhance liquidity and reduce debt.
Franchise Group's CEO, Andrew Laurence, stated, 'Today's announcement to de-lever our balance sheet is a pivotal step forward in enabling our market-leading businesses Pet Supplies Plus, The Vitamin Shoppe, and Buddy's Home Furnishings to realize their full potential.' He emphasized that this move is essential for allowing other franchises to thrive.
With 341 stores across 41 states, American Freight has been a significant player in the retail appliances and furniture market, but Franchise Group's bankruptcy filing indicates that the brand is not saving.
The decision to close all American Freight stores indicates a decisive shift for Franchise Group. They believe strengthening their other brands is more viable than keeping American Freight afloat.
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