Franchise Group Inc., which filed for Chapter 11 bankruptcy protection Nov. 3, says it will close all its American Freight furniture stores, including three in Jacksonville.
American Freight says it sells “affordable, high-quality furniture, mattresses and appliances through its direct-to-consumer, warehouse-style stores.” The company says it has more than 370 U.S. locations in 40 states.
The American Freight stores in Jacksonville are at 6024 103rd St., 8661 Old Kings Road S. and 11111 San Jose Blvd.
“American Freight is being wound down and commencing store closing sales at locations nationwide and online on November 5,” FRG said on its website.
Delaware, Ohio-based FRG also owns Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings. It says it plans to keep those stores open.
“Today’s announcement to de-lever our balance sheet is a pivotal step forward in enabling our marketleading businesses Pet Supplies Plus, The Vitamin Shoppe, and Buddy’s Home Furnishings to realize their full potential,” FRG President and CEO Andrew Laurence said in a Nov. 3 news release.
“Each of these businesses has a demonstrated value proposition and provides great products and services to customers, which they will continue to do seamlessly during this process. Strengthening FRG’s balance sheet will allow us to enhance our support for these businesses as they advance their growth trajectories.”
FRG has five Pet Supplies Plus, five Vitamin Shoppe and six Buddy’s Home Furnishings stores in Northeast Florida.
FRG says on its website is has more than 2,200 locations, $3.4 billion in global sales and more than 12,000 employees.
It has been active buying and selling businesses.
According to a timeline on its website, the company was created in 2019 through a combination of Liberty Tax and Buddy’s Home Furnishings. That year it also acquired Sears Outlet for $130 million and The Vitamin Shoppe for $208 million.
FRG acquired American Freight in 2020 for $450 million and combined it with Sears Outlet. That year it also acquired FFO Home and converted those stores to American Freight.
In 2021, it acquired Pet Supplies Plus for $700 million and sold Liberty Tax for $345 million.
In 2021, it acquired Sylvan Learning for $81 million and W.S. Badcock Corp. for $580 million.
The company was taken private in a $2.6 billion transaction in 2023 and merged with W.S. Badcock and Conn’s. It sold WS Badcock and Conn’s to Conn’s Inc. later that year.
Conn’s filed for bankruptcy in July.
In February, FRG sold Sylvan Learning.