August 28, 2019
Sears Hometown and Outlet Stores, which spun off from Sears Holdings prior to the parent company’s bankruptcy, is selling its outlet stores to Liberty Tax Inc. for $132.9 million. The transaction, which doesn’t involve the Sears Hometown brand, covers about 125 Sears Outlet stores along with the Buddy’s Home Furnishings locations that Liberty didn’t already own.
“This is a continuation of Liberty Tax’s strategy of identifying and acquiring franchised or franchisable businesses while also building scale at attractive acquisition valuations,” said Andrew Laurance, chairman of Liberty’s board.
The tax preparation franchise, headquartered in Virginia Beach, VA, also has the pending acquisition of the Vitamin Shoppe retail chain in the works.
At Hoffman Estates, IL-based Sears Hometown, CEO Will Powell said, “The Sears Outlet business is a profitable business with a unique business strategy that, as part of the dynamic Liberty Tax group of companies, is expected to generate future growth.”
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