Franchise Group sells 47 franchise locations to Bebe Stores
Franchise Group has announced that it has refranchised 47 Buddy’s locations to women’s fashion retailer Bebe Stores for a sum of $35 million.
The agreement also covers plans for Bebe to open 20 new Buddy’s locations.
Brian Kahn, chief executive of Franchise Group, said: “We are pleased to partner with the founder and principals of Bebe to grow the Buddy’s business. This transaction is a good example of how Franchise Group can use refranchising company-owned units to simultaneously de-lever its balance sheet and create growth for its brands.”
The company said it will use the proceeds of the transaction to repay debt.
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