"Our goal is to deliver outstanding value to customers during this full chain closing sale," Ian Fredericks, CEO of Hilco Consumer-Retail said in a statement. Hilco is managing the final sales. "Everything is on sale and must be sold, and we recommend shopping early for the best selection."
Franchise Group also cited "sustained inflation and macroeconomic challenges facing the large durable goods sector" as a reason for the shuttering of the American Freight stores.
"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," Andrew Laurence, Franchise Group's president and CEO, said in a statement.
The bankruptcy proceedings began on Nov. 3. The Delaware-based Franchise Group announced the closings on Wednesday but did not release a final date.
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