 |
Kekst CNC handles Franchise Group as the Delaware (Ohio) franchising platform files for Chapter 11 in a bid to reduce debt and enhance liquidity.
The company’s portfolio includes Vitamin Shoppe (700+ stores), American Freight (365 furniture/appliances/mattresses outlets), Buddy’s Home Furnishings (320 rent-to-own outlets), Pet Supplies Plus (620 units) and Wag N Wash (15 pet grooming sites).
The reorganization plan calls for the wind down of American Freight, which has struggled due to the sustained inflation and macroeconomic challenges facing the durable goods sector.
Franchise Group CEO Andrew Laurence said his company’s remaining brands have demonstrated value propositions and provide great products and services to customers.
Kekst CNC has Jeremy Fielding, Sherri Toub and Ross Lovern representing Franchise Group.
Publicis Groupe owns Kekst CNC.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
