• Sale of Badcock Distribution Facilities and Headquarters Envisioned to Near Through Present Quarter
• Proceeds from All Serious Estate Revenue to Pay back Off Harmony of $175 Million Acquisition Financing
DELAWARE, Ohio, March 31, 2022 (Globe NEWSWIRE) — Franchise Team, Inc. (NASDAQ: FRG) (“Franchise Team,” “FRG” or the “Company”) today declared that it has accomplished the sale-leaseback of 35 retail W.S. Badcock Company (“Badcock”) locations for gross proceeds of somewhere around $94 million. The 35 places are comprised of company and vendor owned places.
FRG expects to full the sale-leaseback of Badcock’s distribution centers and company headquarters all through its fiscal second quarter and intends to use funds proceeds to repay the remaining $175 million of Badcock acquisition financing.
B. Riley Real Estate acted as advisor and Willkie Farr & Gallagher LLP served as authorized counsel to Franchise Team.
About Franchise Group
Franchise Group is an proprietor and operator of franchised and franchisable companies that frequently appears to increase its portfolio of brand names though utilizing its running and funds allocation philosophy to create powerful funds move for its shareholders. Franchise Group’s business traces consist of Pet Materials Additionally, American Freight, The Vitamin Shoppe, Badcock Property Household furniture & much more, Buddy’s House Furnishings and Sylvan Learning. On a combined foundation, Franchise Team currently operates above 3,000 locations predominantly located in the U.S. that are either Business-operate or operated pursuant to franchising and dealer agreements.
This press launch incorporates forward-looking statements inside the meaning of the Non-public Securities Litigation Reform Act of 1995. Forward-hunting statements include, without the need of limitation, projections, predictions, expectations, or beliefs about upcoming activities or results and are not statements of historic truth. Such ahead-searching statements are dependent on numerous assumptions as of the time they are created, and are inherently issue to recognized and unidentified threats, uncertainties and other aspects that may possibly induce real outcomes, like the sale or the price obtained of supplemental Badcock genuine estate, ongoing landlord-tenant associations or disputes, the amount of money of financial debt the Organization will repay, performance or achievements to be materially different from any long run final results, general performance or achievements expressed or implied by this kind of ahead-on the lookout statements. Forward-looking statements are normally accompanied by text that convey projected upcoming activities or results these types of as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or text of comparable meaning or other statements concerning opinions or judgment of the Organization or its administration about long term functions. While the Organization believes that its anticipations with respect to forward-seeking statements are based on sensible assumptions within the bounds of its existing knowledge of its business enterprise and functions, there can be no assurance that real final results, overall performance, or achievements of the Business will not vary materially from any projected potential effects, efficiency or achievements expressed or implied by such forward-on the lookout statements. Real foreseeable future benefits, effectiveness or achievements may perhaps vary materially from historical success or people expected depending on a variety of aspects, lots of of which are further than the handle of the Organization. We refer you to the “Risk Factors” and “Management’s Dialogue and Evaluation of Economical Condition and Success of Operations” sections of the Company’s Once-a-year Report on Type 10-K for the period finished December 25, 2021, and comparable sections of the Company’s Quarterly Reviews on Type 10-Q and other filings, which have been submitted with the SEC and are offered on the SEC’s web-site at www.sec.gov. All of the forward-looking statements built in this push release are expressly certified by the cautionary statements contained or referred to herein. The actual benefits or developments expected could not be recognized or, even if substantially recognized, they may not have the expected implications to or consequences on the Firm or its small business or functions. Audience are cautioned not to rely on the ahead-on the lookout statements contained in this press launch. Ahead-wanting statements communicate only as of the date they are produced and the Business does not undertake any obligation to update, revise or make clear these ahead-wanting statements, regardless of whether as a consequence of new details, foreseeable future gatherings or normally.
Franchise Team Trader Relations Call:
Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Team, Inc.