VIRGINIA BEACH, Va., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) announced the completion of its previously announced acquisition of American Freight Group, Inc. retail chain offering brand-name furniture, mattresses and home accessories at discount prices.

Additionally, Franchise Group, through certain of its subsidiaries, completed a new $675 million credit facility which funded the acquisition of American Freight and refinanced existing debt of its Buddy’s Home Furnishings and Sears Outlet businesses.

Brian Kahn, President & CEO of Franchise Group said, “We are excited to welcome American Freight, its management team and employees to the Franchise Group. We have been diligently planning for the combination of American Freight with our Sears Outlet business to create one strong national brand that combines unmatched cash-on-cash unit economics with stability throughout economic cycles. We expect to achieve significant economic and operational synergies over time.”

About Franchise Group, Inc.

Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe. On a combined basis, Franchise Group currently operates over 4,400 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements.