VIRGINIA BEACH, Va., Dec. 16, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) announced the completion of its previously announced acquisition of Vitamin Shoppe, Inc., an omni-channel, specialty retailer of nutritional products. This transaction is a key part of the strategic transformation of Franchise Group and its diversification of its business and operations.
The Vitamin Shoppe is a trusted specialty retailer and wellness lifestyle brand that allows customers to help them become their best selves through a wide variety of proprietary and national brands of nutritional solutions and natural beauty aids.
Andrew Laurence, the Company’s Executive Vice President and Chairman of Franchise Group’s Board of Directors, said, “We welcome The Vitamin Shoppe management team and its Health Enthusiasts to Franchise Group. We believe The Vitamin Shoppe people, culture and business will be a great addition to our company and will assist us in accelerating our strategy to enhance our portfolio of multi-unit consumer businesses.”
About Franchise Group, Inc.
Franchise Group, Inc. (NASDAQ: FRG) is an operator and acquiror of franchised and franchisable businesses that it can scale using its operating expertise. Franchise Group owns and operates Liberty Tax Service, Buddy’s Home Furnishings and Sears Outlet. Liberty Tax Service operates in the U.S. and Canada and prepared approximately 1.85 million individual income tax returns in more than 3,100 offices and online in 2019. Buddy’s Home Furnishings is a specialty retailer which franchises and operates rent-to-own stores that lease durable goods, such as electronics, residential furniture, appliances and household accessories, to customers on a rent-to-own basis. Buddy’s Home Furnishings operated 291 locations, primarily through franchise arrangements. Sears Outlet is a retailer primarily focused on providing customers with in-store and online access to new, one-of-a kind, out-of-carton, discontinued, reconditioned, overstocked, and scratched and dented products across a broad assortment of merchandise categories, including home appliances, lawn and garden equipment, apparel, mattresses, sporting goods and tools, at prices that are significantly lower than list prices. Sears Outlet operated 126 locations which includes 8 franchises.
