Retail giant with 1,600 stores files for bankruptcy

A retail giant has filed for bankruptcy - sparking fears for the 1,600 stores it runs under several popular brands.

Franchise Group which owns American Freight, Vitamin Shoppe and Pet Supplies Plus, filed for Chapter 11 bankruptcy in on Sunday.

As part of the restructuring, the company has called time on its American Freight furniture and appliances chain- and will shutter all its 357 locations. The chain, which counts Wayfair and Big Lots as a rival, sells beds, mattresses, sofas, fridges, ovens, ranges and dishwashers.

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