The financial turmoil at Franchise Group, which owns prominent brands like Vitamin Shoppe and Pet Supplies Plus, culminated in a bankruptcy filing, revealing almost $2 billion in debt.
FRG's restructuring plan includes a deal with lenders to exchange existing debt for complete control over the new entity, pending bankruptcy court approval.
B. Riley Financial's additional $120 million impairment on FRG's equity showcases the broader impact of the financial woes affecting both companies.
The resignation of FRG's founder amid a securities fraud investigation reflects deeper issues within the company's management, contributing to its financial struggles.
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