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FRG on NASDAQ

Franchise Group

Logo: © franchise group, Public domain, via Wikimedia Commons5

American holding company

Franchise Group, Inc. is an American privately held holding company that acquires and manages mainly franchise companies. Before its 2024 bankruptcy, it owned several brands in various retail industries including American Freight, Buddy's Home Furnishings, The Vitamin Shoppe, and Pet Supplies Plus. On August 21, 2023, it was announced that a consortium of investors had acquired Franchise Group for $2.6 billion.3 It was founded by Brian R. Kahn.1 Its shares trade on NASDAQ under the symbol FRG.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2019Founded1

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  • TickerFRG on NASDAQ1
  • IndustryPatent Owners & Lessors1
  • HeadquartersDelaware1
  • Websitefranchisegrp.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address109 Innovation Court, Suite J, Delaware, Oh 430156
  • Filer categoryLarge accelerated filer6
  • LEI549300MWCHSL8BSOMV774
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 48760394

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Franchise Group, Inc. is an American privately held holding company that acquires and manages mainly franchise companies. Before its 2024 bankruptcy, it owned several brands in various retail industries including American Freight, Buddy's Home Furnishings, The Vitamin Shoppe, and Pet Supplies Plus.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

5.0%Operating margin8
-1.6%Net margin8
35.1%Revenue growth, 20228
-16.3%Return on equity8
3.26×Debt to equity8
-$91.4MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Other costs92¢$4.0B
  • Interest8¢$340.0M
  • Income tax0¢$8.8M

Out of $4.4B in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$4.4B in 2022+2436% since 2016
0$2.0B$4.0B$6.0B2016: $173.4M$173.4M20162017: $174.0M$174.0M2017+0%2018: $174.9M$174.9M2018+1%2019: $0$020192020: $2.0B$2.0B20202021: $3.3B$3.3B2021+60%2022: $4.4B$4.4B2022+35%
Operating income91011128$221.2M in 2022+581% since 2016
0$100.0M$200.0M$300.0M2016: $32.5M$32.5M20162017: $23.3M$23.3M2017−28%2018: $7.6M$7.6M2018−67%2019: $0$020192020: $52.5M$52.5M20202021: $226.4M$226.4M2021+331%2022: $221.2M$221.2M2022−2%
Net income91011128-$68.6M in 2022
-$200.0M0$200.0M$400.0M2016: $19.4M$19.4M20162017: $13.0M$13.0M2017−33%2018: $125.0K$125.0K2018−99%2019: -$2.2M-$2.2M20192020: $25.1M$25.1M20202021: $363.8M$363.8M2021+1351%2022: -$68.6M-$68.6M2022
Fiscal year2016201720182019202020212022
Revenue$173.4M9$174.0M10$174.9M11$012$2.0B8$3.3B8$4.4B8
Cost of revenue$011$011$1.2B11
Operating expenses$3.0B8$4.2B8
Operating income$32.5M9$23.3M10$7.6M11$012$52.5M8$226.4M8$221.2M8
Interest$2.0M9$2.6M10$3.2M11$012$96.8M8$133.1M8$340.0M8
Income before tax$158.4M8-$77.4M8
Income tax$11.1M9$7.8M10$4.3M11$012-$60.5M8-$33.5M8-$8.8M8
Net income$19.4M9$13.0M10$125.0K11-$2.2M12$25.1M8$363.8M8-$68.6M8
Earnings per share$1.419$0.9410$0.0111-$0.1612$0.708$8.838-$1.968
Earnings per share (diluted)$1.389$0.9410$0.0111-$0.1612$0.708$8.678-$1.968
Shares (weighted, basic)40.2M shares839.3M shares8
Shares (weighted, diluted)41.0M shares839.3M shares8

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Corporate structure

Franchise Group sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Franchise Group

  • Eric F. Seeton Filed SC 13D/A on Franchise Group, latest Aug 22, 2023 (3 filings since Aug 8, 2023)
  • Andrew M. Laurence Filed SC 13D/A on Franchise Group, latest Aug 21, 2023 (3 filings since May 11, 2023)
  • Bryant R. Riley Filed SC 13D/A on Franchise Group, latest Aug 21, 2023 (4 filings since May 11, 2023)
  • Vintage Capital Management LLC Filed SC 13D/A on Franchise Group, latest Aug 21, 2023 (5 filings since May 11, 2022)
  • Douglas Richard Rippel Filed SC 13D on Franchise Group, latest Aug 11, 2023
  • American Financial Group Filed SC 13D on Franchise Group, latest Aug 8, 2023
  • John B. Berding Filed SC 13D on Franchise Group, latest Aug 8, 2023
  • Joseph A. Haverkamp Filed SC 13D on Franchise Group, latest Aug 8, 2023
  • FMR LLC Filed SC 13G on Franchise Group, latest Feb 9, 2023
  • BlackRock Filed SC 13G on Franchise Group, latest Jul 8, 2022 (2 filings since Feb 4, 2022)

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Franchise Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$25.3M8 Sep 27, 2021
Property and equipment, net$223.7M8 Dec 31, 2022$449.9M8 Dec 25, 2021−50.3%
Operating-lease assets (leased space)$890.9M8 Dec 31, 2022$714.7M8 Dec 25, 2021+24.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$80.8M8 Dec 31, 2022$292.7M8 Dec 25, 2021−72.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$737.4M8 Dec 31, 2022$806.5M8 Dec 25, 2021−8.6%
Intangible assets, net (excluding goodwill)$116.8M8 Dec 31, 2022$128.0M8 Dec 25, 2021−8.7%
Trademarks and trade names (indefinite-lived)$222.7M8 Dec 31, 2022$222.7M8 Dec 25, 20210%
Finite-lived intangibles, net$116.8M8 Dec 31, 2022$128.0M8 Dec 25, 2021−8.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$736.8M8 Dec 31, 2022$673.2M8 Dec 25, 2021+9.5%

The story

Founded by Brian R. Kahn in 2019.1

Founded in 2019 through the merger of Liberty Tax and Buddy's Home Furnishings, it originally operated under the name Liberty Tax. However, when it was renamed Franchise Group, the company retained Liberty Tax and Buddy's Home Furnishings as its subsidiaries.

One year after purchasing The Vitamin Shoppe and Sears Outlet, the company purchased American Freight for $450 million in cash in 2020. - then Sears Outlet merged into American Freight.

On November 5, 2020, Franchise Group announced that it would acquire Fort Smith, Arkansas-based regional furniture retailer FFO Home, which filed for Chapter 11 bankruptcy protection on the same day. The acquisition was completed on December 29.

In the year it sold Liberty Tax to NextPoint Financial for $249 million, Franchise Group made numerous acquisitions in 2021. Around that time, it purchased Pet Supplies Plus in a deal valued at $700 million, Sylvan Learning for $81 million, and Badcock Home Furniture for $580 million.

In August, a group of investors bought Franchise Group for US$2.6 billion. In November 2023, Kahn was identified by Bloomberg as one of two co-conspirators in a securities fraud case, following the guilty plea of John Hughes, co-founder of Prophecy Asset Management

In December 2023, Conn's acquired Badcock Home Furniture &more from the Franchise Group. Conn's ended up filing for Chapter 11 bankruptcy in July 2024, and liquidated all of its namesake and Badcock stores by October 2024.

In February 2024, Unleashed Brands, owner of The Little Gym and Urban Air Trampoline Park, acquired Sylvan Learning from Franchise Group for an undisclosed amount.

On November 2, 2024, Franchise Group announced that they were preparing to file for Chapter 11 bankruptcy after months of losses and turmoil caused by its owner, B. Riley Financial. HPS Investment Partners, a private equity firm, amongst other lenders, will take over the company once the restructuring is completed. On November 3, 2024, Franchise Group and all of its affiliated subsidiaries filed for Chapter 11 bankruptcy protection in Delaware. The company plans to keep its Pet Supplies Plus, The Vitamin Shoppe, and Buddy's Home Furnishings stores open during the procedure, while it plans to liquidate American Freight. American Freight suffered major losses due to high rising costs and macroeconomic challenges. Liquidation sales are set to begin on November 5, with most stores shuttering by the end of the year. However, in January 2025, a U.S. bankruptcy judge approved the sale of up to 28 American Freight stores and one distribution center to AF Newco I LLC. 2 additional locations were also included in the sale, but were eventually withheld due to possible state law issues. AF Newco I LLC plans to reopen the 28 locations and distribution center later into 2025.

Read the full text

In April 2025, Franchise Group announced the sale of The Vitamin Shoppe to Kingswood Capital Management and Performance Investment Partners for $193.5 million. The deal was finalized on May 15, 2025.

On June 6, 2025, Franchise Group exited its bankruptcy after its reorganization plan was approved on June 2. Its remaining assets, Pet Supplies Plus, Buddy's Home Furnishings and Wag ‘N Wash, were sold to Fusion Parent LLC for an undisclosed amount.

From Wikipedia’s article on Franchise Group, shared under CC BY-SA 4.0.7

Leadership

Who has led Franchise Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicole Ossenfort2018–2019
  2. Brian R. Kahn2019–2023

President

  1. Michael Piper2014–2017

Chief financial officer

  1. Mark F. Baumgartner2012–2014
  2. Nicholas Bates2018
  3. Michael Piper2018–2019
  4. Eric F. Seeton2019–2023

Chief operating officer

  1. Thomas Rufe Vanderpool2012
  2. Edward L. Brunot2017
  3. Shaun York2018–2019
201520202025
Board members and other officers (36)

Products and brands

Sears Outlet Stores; outlet version of Sears department stores located in various retail locations across the U.S., as well as online. Sold to Franchise Group in October 2019 while Transform Holdco completed the acquisition of the remainder of Sears Hometown at the end of the same business day. In April 2020, Sears Outlet was merged into American Freight and the stores were rebranded American Freight.

Liberty Tax; facilitates refund-based tax settlement financial products, including tax preparation, refund anticipation loans, electronic refund checks, and personal income tax refund discounting. Liberty Tax Service conducts its business in the United States.

Badcock Home Furniture &more; furniture store chain with over 370 company and dealer owned furniture stores in eight states across the southeastern United States.

Sylvan Learning; supplemental learning centers which provide personalized instruction in reading, writing, mathematics, study skills, homework support, and test preparation for college entrance and state exams.

Read the full text

The Vitamin Shoppe; offers nutritional supplements in every 785 stores across the U.S., as well as online. Acquired by Franchise Group in December 2019 after Irving Place Capital sold the remaining shares of the company and its division, Super Supplements to Franchise Group in the same year.

American Freight; a chain of discount furniture and home furnishing stores that was acquired in February 2020

Buddy's Home Furnishings; offers home furniture including sofas, chairs, dining tables, as well as electronics, and appliances. Buddy's Home Furnishings serves clients in the United States.

Pet Supplies Plus; offers pet supplies and services in 400-plus locations in 30-plus US states.

From Wikipedia’s article on Franchise Group, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Acquisitions

  1. 2021Sylvan Learning became a subsidiary1
  2. Feb 2020American Freight became a subsidiary1
  3. Oct 23, 2019Sears Outlet became a subsidiary1
  4. Aug 2019The Vitamin Shoppe became a subsidiary1

Former names

  • Liberty Tax, Inc.Jul 15, 2014 to Sep 19, 20196
  • JTH Holding, Inc.Sep 2, 2011 to Jul 9, 20146

Timeline

  1. Aug 21, 20238-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation64
  2. Aug 8, 20238-K Results of operations65
  3. May 12, 20238-K Shareholder vote66
  4. May 11, 20238-K Entered a material agreement67
  5. May 10, 20238-K Results of operations; Regulation FD disclosure68
  6. Feb 28, 20238-K Results of operations69
  7. Feb 3, 20238-K Entered a material agreement; New debt or obligation70
  8. Jan 24, 20238-K Results of operations; Regulation FD disclosure71
  9. Nov 3, 20228-K Results of operations; Earlier financial statements no longer reliable72
  10. Aug 23, 20228-K Entered a material agreement; New debt or obligation73
  11. Aug 4, 20228-K Results of operations74
  12. Jun 24, 20228-K Other events75
  13. Oct 23, 2019New chief executive Brian R. Kahn becomes CEO18
  14. Sep 19, 2019Went public Listed on NASDAQ1
  15. 2019Founded Founded1
  16. Jun 5, 2018New chief executive Nicole Ossenfort becomes CEO19

Calendar

When it reported results

  1. Aug 8, 2023Reported quarterly or annual results65
  2. May 10, 2023Reported quarterly or annual results68
  3. Feb 28, 2023Reported quarterly or annual results69
  4. Jan 24, 2023Reported quarterly or annual results71
  5. Nov 3, 2022Reported quarterly or annual results72
  6. Aug 4, 2022Reported quarterly or annual results74
  7. May 5, 2022Reported quarterly or annual results76
  8. Feb 23, 2022Reported quarterly or annual results77

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

187 filings to the SEC since October 2021: 2 annual reports, 8 quarterly reports, 25 major events, 100 insider forms, 22 large holders, 30 other. The latest 20:

  1. Aug 31, 202315-12G EDGAR
  2. Aug 23, 2023EFFECT EDGAR
  3. Aug 23, 2023EFFECT EDGAR
  4. Aug 23, 20234 EDGAR
  5. Aug 23, 20234 EDGAR
  6. Aug 23, 20234 EDGAR
  7. Aug 23, 20234 EDGAR
  8. Aug 23, 20234 EDGAR
  9. Aug 23, 20234 EDGAR
  10. Aug 23, 20234 EDGAR
  11. Aug 23, 20234 EDGAR
  12. Aug 23, 20234 EDGAR
  13. Aug 23, 20234 EDGAR
  14. Aug 23, 20234 EDGAR
  15. Aug 22, 2023SC 13D/A EDGAR
  16. Aug 21, 2023SC 13D/A AMENDMENT NO. 3 TO SCHEDULE 13D EDGAR
  17. Aug 21, 20234 EDGAR
  18. Aug 21, 20234 EDGAR
  19. Aug 21, 20234 EDGAR
  20. Aug 21, 20234 EDGAR

The 187 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 9 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 21, 2023RILEY RICHARD W10% ownerSale12,216Form 4
Aug 21, 2023PAULSON RANDALL E10% ownerSale40,000Form 4
Aug 21, 2023KELLEHER THOMAS J /ADV10% ownerSale13,768Form 4
Aug 21, 2023Ondeck Daniel Meitner10% ownerSale6,764Form 4
Aug 21, 2023RILEY BRYANT R10% ownerSale1,804Form 4
Mar 2, 2023EVANS K TODDCHIEF FRANCHISING OFFICERBuy389$31.64$12.3KForm 4
Feb 23, 2023Fairfax Lisa MDirectorBuy45$31.63$1.4KForm 4
Feb 23, 2023Dubin Cynthia SDirectorBuy45$31.63$1.4KForm 4
Feb 23, 2023HERSKOVITS THOMASDirectorBuy85$31.63$2.7KForm 4
Feb 23, 2023Avril Matthew EDirectorBuy138$31.63$4.4KForm 4
Aug 15, 2022Laurence Andrew MEXECUTIVE VICE PRESIDENTBuy109$31.64$3.4KForm 4
May 9, 2022KAHN BRIAN RANDALLCHIEF EXECUTIVE OFFICERBuy100,000$37.50$3.8MForm 4
Mar 11, 2022Cozza Patrick ADirectorBuy2,000$42.50$85.0KForm 4
Mar 7, 2022Cozza Patrick ADirectorBuy4,000$41.00$164.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Franchise Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFranchise Group, Inc.2
  • CIK0001528930
  • Employer ID (EIN)27-35618762
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 302
  • Industry code (SIC)6794 Patent Owners & Lessors2
  • Business address109 Innovation Court, Suite J, Delaware, OH 430152
  • Phone508-630-44262
  • Shares outstanding35,191,461 as of Aug 3, 202315
  • Public float$1.1B as of Jun 25, 20228
  • On EDGAR sinceSep 2, 20112
  • Filings1,033 in all: 4 (455), 8-K (186), 3 (53), SC 13D/A (38), 10-Q (34), 4/A (28), CORRESP (22), UPLOAD (20)2
    All 58 form types

    SC 13G (15), SC 13G/A (15), 8-K/A (14), DEF 14A (13), 10-K (11), DEFA14A (11), 3/A (10), SC 13D (10), 11-K (8), 10-Q/A (7), 424B5 (6), SC TO-I/A (6), S-1/A (5), EFFECT (4), NT 10-Q (4), SC 13E3/A (4), 5 (3), 8-A12B (3), DEF 14C (3), NT 10-K (3), SC TO-C (3), 10-12G/A (2), 25-NSE (2), CERT (2), FWP (2), POS AM (2), RW (2), S-3 (2), S-3/A (2), S-8 (2), S-8 POS (2), 10-12G (1), 10-K/A (1), 10-KT (1), 15-12G (1), 15-15D (1), CERTNAS (1), CT ORDER (1), DEFM14A (1), DEFR14A (1), PRE 14A (1), PRE 14C (1), PREM14A (1), PREM14C (1), PRER14A (1), S-1 (1), S-3ASR (1), SC 13E3 (1), SC 14F1 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 28, 2023
    Quarterly report (10-Q) Aug 8, 2023
    Proxy statement (DEF 14A) Apr 7, 2023
    Latest 8-K (8-K) Aug 21, 2023

Sources

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    SEC EDGAROther events
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