American Freight closes all stores after parent company files for bankruptcy

Furniture and appliance retailer American Freight is closing all of its stores nationwide as part of parent company Franchise Group Inc.’s Chapter 11 bankruptcy proceedings.

The company is closing all 328 stores store closing sales nationwide while its parent company ceases operations while undergoing restructuring.

On Friday, American Freight said the brand was offering “significant discounts” of up to 30% on its entire inventory assortment. Items included in the sale include living room sets, bedroom furniture, dining tables, various scratches and dents, and new in-box appliances.

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Closing sales are managed by Hilco Consumer-Retail.

American Freight is closing all 328 stores and beginning store closure sales across the country as its parent company winds down operations as it undergoes restructuring. (In Pictures via Mike Kemp/Getty Images / Getty Images)

“Our goal is to deliver exceptional value to customers during this full-chain closing sale,” said Ian Fredericks, CEO of Hilco Consumer-Retail. “Everything is on sale and needs to be sold.”

The company also said new stock has arrived and is expected to move quickly.

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Earlier this month, Franchise Group Inc., which also owns brands such as Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings. bankruptcy proceedings In the U.S. Bankruptcy Court for the District of Delaware.

The transactions are subject to a restructuring agreement agreed with the owners, which aims to strengthen the Franchise Group’s capital structure and better position its other leading brands. continuing sustainable growth“

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Going forward, Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings will continue to serve customers as usual, both in-store and online.

A Vitamin Store in Long Beach, California (Maureen Sullivan/Getty Images/Getty Images)

According to CRE Daily, store closings in the U.S. have already outnumbered openings this year; This is something not seen in 2023 or 2022.

This comes after more than 4,000 stores announced plans to close in 2023, twice as many as the previous year, according to analysis by investor-focused consumer research platform Daily on Retail, cited by the National Retail Federation.