Franchise Group looks for ways to trim debt

Franchise Group is planning to cut debt and explore securitisation within its Pet Supplies Plus business. — Bloomberg

NEW YORK: Franchise Group Inc, the firm at the centre of a controversy surrounding B. Riley Financial Inc’s finances, posted steep drops in first-quarter results as it grappled with looming maturities on its debt load, according to people familiar with the matter.

The owner of brands such as Vitamin Shoppe and American Freight told investors revenue showed a double-digit drop from a year earlier, according to the people.