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Franchise Group completes acquisition of Sears Outlet

Nov '19
Pic: Shutterstock
Pic: Shutterstock
Franchise Group has completed the taking over of the Sears Outlet business and Buddy’s Home Furnishing stores of Sears Hometown from Sears Hometown and Outlet Stores. This marks continuation of the transformation of Franchise Group, including building a franchising platform that is intended to diversify Franchise Group’s current businesses and operations.

The Sears Outlet business is designed to provide customers with in-store and online access to new, one-of-a kind, out-of-carton, discontinued, reconditioned, overstocked, and scratched and dented products across a broad assortment of merchandise categories, including home appliances, lawn and garden equipment, apparel, mattresses, sporting goods and tools, at prices that are significantly lower than list prices.

The unique portfolio of the Sears Outlet business retail stores and its distribution capabilities adds complementary products and sales channels that will enable the company to offer high-quality home goods to consumers across the nation, while also offering unique value propositions.

With the addition of the Sears Outlet business, Franchise Group’s store portfolio now includes over four hundred retail locations across its various brands and platforms, with a combination of company operated and franchisee operated stores.

The acquisition of the Sears Outlet business is an important step forward in the evolution of Franchise Group’s strategic objectives, as it follows the July 2019 acquisition of Buddy’s Home Furnishings.

Andrew Laurence, the company’s executive vice president and chairman of Franchise Group’s board of directors, said, “We welcome the Sears Outlet management team and its employees to Franchise Group. We believe the Sears Outlet team will be a great addition to our company and will assist us in achieving our long-term strategy. This acquisition demonstrates our ability to enhance our portfolio of operating businesses and brands at attractive valuations.”

In connection with and immediately following the closing of the acquisition of the Sears Outlet business, A-Team Leasing became a franchisee of 5 Sears Outlet business locations and an existing franchisee of Buddy’s Home Furnishings acquired the 9 Buddy’s Home Furnishing locations that were acquired together with the Sears Outlet business from Sears Hometown.

Fibre2Fashion News Desk (SV)

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November 2019

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