Franchise Group, Inc. will provide a debtor-in-manager


ORLANDO, Fla., July 09, 2020 (GLOBE NEWSWIRE) – Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) has announced that it provides Tuesday Morning Corporation (“Tuesday Morning”) with a $ 25 million debtor-in-operation loan (“DIP”) in its bankruptcy proceedings.

On May 27, 2020, Tuesday Morning and certain of its affiliates began bankruptcy proceedings under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the North District of Texas. Following a strong marketing process, Franchise Group was selected to serve as the DIP lender and to provide a $ 25 million loan secured by Tuesday Morning’s real estate assets, including its corporate headquarters and complex. warehouse / distribution located in Dallas, Texas. In a hearing yesterday, the bankruptcy judge presiding over the case approved the company’s DIP facility.

Tuesday Morning Corporation is one of the premier low-cost retailers specializing in high-quality, branded home products including premium home textiles, furnishings, housewares, food, toys and more. seasonal decoration, at prices generally lower than those found. in boutiques, specialty stores and department stores, catalogs and online retailers. Based in Dallas, Texas, the company opened its first store in 1974 and currently operates 687 stores in 39 states.

About Franchise Group, Inc.

Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchise and franchisable businesses and uses its operational expertise to reduce costs and grow its brands. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. On a combined basis, Franchise Group currently operates more than 4,100 sites primarily located in the United States and Canada which are either managed by the Company or operated under franchise agreements.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations or beliefs regarding future events or results. and are not statements of historical fact, including statements regarding the Company’s provision of DIP financing until Tuesday morning. These statements are based on the current expectations, beliefs and assumptions of the management of the Company, and there can be no assurance that these expectations will prove to be correct. These forward-looking statements are based on various assumptions at the time they are made and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from any future results, performances or achievements expressed or implied by these forward-looking statements. Forward-looking statements are often accompanied by words that express projected future events or results such as “expect”, “believe”, “estimate”, “plan”, “plan”, “anticipate”, “have the expectation”. intention ”,“ ”“ may ”,“ see ”,“ opportunity ”,“ potential ”or words of similar meaning or other statements concerning the opinions or judgment of the Company or its management on future events. Although the Company believes that its expectations regarding forward-looking statements are based on reasonable assumptions within the limits of its current knowledge of its business and operations, there can be no assurance that the actual results, performance or achievements of the Company will not be. differ materially from the projected future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on various factors, many of which are beyond the control of the Company. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Position and Results of Operations” sections of the Company’s transition report on Form 10-K / T for the transition period ended 28 December 2019, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other documents filed with the SEC and available on the SEC’s website at www.sec.gov. All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Actual results or anticipated developments may not be realized or, even if they are substantially realized, they may not have the consequences or expected effects on the Company or its activities or operations. Readers are cautioned not to rely on any forward-looking statements contained in this press release. Forward-looking statements speak only as of the date on which they are made and the Company assumes no obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events. or otherwise.

INVESTOR RELATIONS CONTACT:
Andrew F. Kaminsky
Executive Vice President and Administrative Director
Franchise Group, Inc.
[email protected]
(914) 939-5161

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