0001528930-21-000025 | 10-Q | XBRL Viewer

Subsequent Event Subsequent Events (Notes)	3 Months Ended
Subsequent Event Subsequent Events (Notes)	Mar. 27, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventsOn May 4, 2021, the Company's Board of Directors declared quarterly dividends of $0.375 per share of common stock and $0.46875 per share of Series A Preferred Stock. The dividends will be paid in cash on or about July 15, 2021 to holders of record of the Company's common stock and Series A Preferred Stock on the close of business on July 1, 2021.

Stockholders' Equity (Details) - USD ($)					3 Months Ended		12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jan. 14, 2021	Jan. 11, 2021	Dec. 26, 2020	Apr. 01, 2020	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Stockholders' Equity
Net Income (Loss) Available to Common Stockholders, Basic					$ 11,684,000	$ 59,539,000
Adjustment to APIC, Share-based Compensation, Requisite Service Period Recognition					$ 2,190,000	$ 2,449,000
Weighted Average Number of Shares Outstanding, Basic					40,110,084	23,373,980
Stock Redeemed or Called During Period, Shares						3,937,726
Preferred Stock, redeemed for Common, Shares						787,545
Weighted Average Number of Shares Outstanding, Diluted					40,110,084	23,693,035
Total diluted earnings per share					$ 0.29	$ 2.51
Proceeds from Stock Options Exercised					$ 25,000	$ 0
Unrealized Gain (Loss) on Derivatives			$ (145,000)		(97,000)
Net income (loss) from continuing operations					(28,334,000)	33,984,000
Dividends, Preferred Stock					(2,129,000)	0
Dividends					15,434,000	6,633,000
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic					(30,463,000)	33,984,000
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax			(1,254,000)		(1,032,000)		$ (1,254,000)
Stock-based compensation expense - equity awards					2,550,000	$ 2,485,000
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ (1,399,000)		$ (1,112,000)		$ (1,399,000)
Continuing operations					$ (0.76)	$ 1.45
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share					1.05	$ 1.09
Antidilutive securities
Adjustments to Additional Paid in Capital, Other						$ 10.0
Total basic earnings per share					$ 0.29	$ 2.54
Net income from discontinued operations					$ 42,147,000	$ 25,555,000
Preferred Stock, Shares Issued			4,541,125		4,541,125		4,541,125
Preferred Stock, Dividend Rate, Percentage					7.50%
Preferred Stock, Par or Stated Value Per Share			$ 0.01		$ 0.01		$ 0.01
Issuance of preferred stock					$ 79,541,000	$ 0
Incremental Common Shares Attributable to Dilutive Effect of Options and Restricted Stock Units					0	319,055
Continuing operations					$ (0.76)	$ 1.43
Discontinued operations					$ 1.05	$ 1.08
Foreign Exchange Forward
Stockholders' Equity
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent					$ 17,000		$ 0
Class A common stock
Stockholders' Equity
Adjustment to APIC, Share-based Compensation, Requisite Service Period Recognition					$ 1,000	$ 3,000
Weighted Average Number of Shares Outstanding, Basic					40,110,084	23,373,980
Common Stock, Value, Issued			$ 401,000		$ 402,000		$ 401,000
Net income (loss) from continuing operations					$ (28,334,000)
Earnings Per Share, Basic and Diluted					$ 0.29	$ 2.54
Weighted Average Number of Shares Outstanding, Basic and Diluted					40,110,084	23,373,980
Series A Preferred Stock \| Underwriting Agreement
Antidilutive securities
Issuance of preferred stock	$ 79,500,000
Payments of Stock Issuance Costs	$ 3,200,000
Series A Preferred Stock \| Underwriting Agreement \| B. Riley Securities, Inc.
Antidilutive securities
Share Price		$ 25.20
Preferred Stock, Shares Issued	314,934	2,976,191
Preferred Stock, Dividend Rate, Percentage		7.50%
Preferred Stock, Par or Stated Value Per Share		$ 0.01
Preferred Stock, Liquidation Preference Per Share		$ 25.00
Preferred Stock, Term of Purchase Period		30 days
Preferred Stock, Additional Shares Issued		446,428
Remaining New Holdco Units [Member]
Stockholders' Equity
Preferred Stock, redeemed for Common, Shares				5,495,606
Preferred Stock, additional shares [Member]
Stockholders' Equity
Preferred Stock, redeemed for Common, Shares				1,099,121

Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 27, 2021	Dec. 26, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill, Gross	$ 786,685	$ 786,685	$ 448,258
ERROR in label resolution.		319,858	114,058
Goodwill, Balance at Beginning of Period	448,258
Finite-Lived Intangible Assets, Accumulated Amortization		(5,445)	(4,166)
Intangible Assets, Net (Excluding Goodwill)		314,413	109,892
Goodwill, Balance at End of Period	786,685
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
ERROR in label resolution.		197,700	93,300
Finite-Lived Intangible Assets, Accumulated Amortization		0	0
Intangible Assets, Net (Excluding Goodwill)		197,700	93,300
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
ERROR in label resolution.		77,600	10,500
Finite-Lived Intangible Assets, Accumulated Amortization			(1,546)
Intangible Assets, Net (Excluding Goodwill)			8,954
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
ERROR in label resolution.		43,080	8,780
Finite-Lived Intangible Assets, Accumulated Amortization		(2,675)	(2,158)
Intangible Assets, Net (Excluding Goodwill)		$ 40,405	$ 6,622
Pet Supplies Plus
Finite-Lived Intangible Assets [Line Items]
Goodwill, Acquired in Acquisition	335,134
FFO
Finite-Lived Intangible Assets [Line Items]
Goodwill, Acquired in Acquisition	$ 3,293

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of operations, the Company may become a party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, individually or in the aggregate, will not have a material adverse effect on the Company's business, financial condition, cash flows, or results of operations except as provided below. Guarantees The Company remains secondarily liable under various real estate leases that were assigned to franchisees who acquired Pet Supplies Plus stores from the Company. In the event of the failure of an acquirer to pay lease payments, the Company could be obligated to pay the remaining lease payments which extend through 2030 and aggregated $8.9 million as of March 27, 2021. If the Company is required to make payments under these guarantees, the Company could seek to recover those amounts from the franchisees or in some cases their affiliates. The Company believes that payment under these guarantees is remote as of March 27, 2021. Stockholder Class Action and Derivative Complaint On August 12, 2019, Asbestos Workers’ Philadelphia Pension Fund, individually and on behalf of all others similarly situated and derivatively on behalf of the Company filed a class action and derivative complaint (the “Derivative Complaint”) in the Court of Chancery of the State of Delaware, against Matthew Avril, Patrick A. Cozza, Thomas Herskovits, Brian R. Kahn, Andrew M. Laurence, Lawrence Miller, G. William Minner Jr., Bryant R. Riley, Kenneth M. Young, (collectively the “Derivative Complaint Individual Defendants”), and against Vintage, B. Riley Financial, Inc. ("B. Riley"), and the Company as a Nominal Defendant. The Derivative Complaint alleges breach of fiduciary duty against the Derivative Complaint Individual Defendants based on the following allegations: (a) causing the Company to completely transform its business model and to acquire Buddy’s at an inflated price, (b) transfer the control of the Company to Vintage and B. Riley for no premium and without a stockholder vote, (c) allowing Vintage and B. Riley’s other former stockholders to unfairly extract additional value from the Company by virtue of a TRA, (d) the offering to the Company's non-Vintage and non-B. Riley stockholders of an inadequate price for their shares of Company stock ($12.00 per share), (e) disseminating materially misleading and/or omissive Tender Offer documents, and (f) issuing additional Company shares to Vintage at less than fair value to fund the Tender Offer and Vitamin Shoppe Acquisition. The Derivative Complaint also includes a count of unjust enrichment against Vintage and B. Riley. The Derivative Complaint seeks: (a) declaration that the action is properly maintainable as a class action; (b) a finding the Individual Defendants are liable for breaching their fiduciary duties owed to the class and the Company; (c) a finding that demand on the Company's Board is excused as futile; (d) enjoining the consummation of the Tender Offer unless and until all material information necessary for the Company's stockholders to make a fully informed tender decision has been disclosed; (e) a finding Vintage and B. Riley are liable for unjust enrichment; (f) an award to Plaintiff and the other members of the class damages in an amount which may be proven at trial; (g) an award to Plaintiff and the other members of the class pre-judgment and post-judgment interest, as well as their reasonable attorneys’ and expert witness fees and other costs; (h) an award to the Company in the amount of damages it sustained as a result of Individual Defendants’ breaches of fiduciary duties to the Company; and (i) awarding such other and further relief as this Court may deem just and proper. Simultaneously with the filing of the Derivative Complaint, the Plaintiff filed a motion seeking expedited proceedings. The motion was withdrawn as the Derivative Complaint Individual Defendants agreed to produce certain documents. On October 23, 2019, the Plaintiff filed a Verified Amended Stockholder Class Action and Derivative Complaint (the “Amended Complaint”), following the Company’s filing of the amended and restated offer to purchase on October 16, 2019 (the “Offer to Purchase”). The Amended Complaint contained substantially similar allegations but revised certain allegations based on disclosures contained in, or purportedly omitted, from the Offer to Purchase. The Plaintiff filed a Motion for Preliminary Injunction on October 25, 2019, seeking to prevent the consummation of the pending Offer to Purchase unless additional information was disclosed. On November 5, 2019, the Company filed Amendment No. 5 to the Offer to Purchase making certain additional disclosures, and Plaintiff withdrew its Motion for Preliminary Injunction. On February 7, 2020, Matthew Sciabacucchi, a purported stockholder of the Company, filed a motion to intervene to pursue some or all of the derivative claims pending in the Court of Chancery. Mr. Sciabacucchi’s motion states that Asbestos Workers’ Philadelphia Pension Fund has sold its shares in the Company. The motion to intervene was granted March 10, 2020. On June 8, 2020 the Court entered an order governing briefing on Plaintiff’s petition for an interim award of attorney’s fees. The Court held oral arguments on August 18, 2020 and reserved decision on Plaintiff’s motion for interim fees. On September 29, 2020, the parties agreed to settle this matter in principle and the matter has been stayed pending the parties’ filing of settlement papers. The settlement contained broad and customary releases. On April 16, 2021, the Delaware Court of Chancery approved the settlement agreement between the parties. This settlement fully and finally resolves this matter. As of March 27, 2021, the Company had accrued $0.5 million related to this case, which is included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheet. Class Action Litigation Rene Labrado v. JTH Tax, Inc. On July 3, 2018, a class action complaint was filed in the Superior Court of California, County of Los Angeles by a former employee for herself and on behalf of all other “similarly situated” persons. The Complaint alleges, among other things, that the Company allegedly violated various provisions of the California Labor Code, including: unpaid overtime, unpaid meal period premiums, unpaid rest premiums, unpaid minimum wages, final wages not timely paid, wages not timely paid, non-compliant wage statements, failure to keep pay records, unreimbursed business expenses and violation of California Business and Profession Code Section 17200. The Complaint seeks actual, consequential and incidental losses and damages, injunctive relief and other damages. The Company highly disputes the allegations set forth in the Complaint and filed a motion to dismiss. On May 29, 2019, the Court denied the Company’s motion to dismiss, but granted the Company leave to file a motion to strike. The Company filed a motion to strike and on August 20, 2019, the Court granted in part and denied in part the Company’s motion. The Court provided the Company with twenty days to file its answer to the Complaint and lifted the discovery stay. Discovery in this matter is ongoing and the parties have agreed to participate in a mediation currently scheduled to take place in May 2021. Department of Justice ("DOJ") and IRS Matters On December 3, 2019, the DOJ initiated a legal proceeding against the Company, in the U.S. District Court for the Eastern District of Virginia. Also, on December 3, 2019, the DOJ and the Company filed a joint motion asking the court to approve a proposed order setting forth certain enhancements to the Company's Liberty Tax segments compliance program and requiring the Company to retain an independent monitor to oversee the implementation of the required enhancements to the compliance program. The monitor will work with the Company's Liberty Tax segments compliance team and may make recommendations for further refinements to improve the tax compliance program. As part of the proposed order, the Company also agreed that it would not rehire or otherwise engage the Company’s former chairman, John T. Hewitt, under whose supervision the conduct at issue occurred, and agreed not to grant Mr. Hewitt any options or other rights to acquire equity in the Company, or to nominate him to the Company’s Board of Directors. On December 20, 2019 the Court granted the joint motion for the proposed order and the confidentiality motion, which fully resolved the legal proceeding initiated by DOJ. In addition, the Company entered into a settlement agreement resolving the previously disclosed investigation by the IRS with respect to the tax return preparation activities of the Company’s Liberty Tax segments franchise operations and Company-owned stores. Pursuant to that agreement, the Company agreed to make a compliance payment to the IRS in the amount of $3.0 million, to be paid in installments over four years, starting with an upfront payment of $1.0 million, followed by a $0.5 million payment on each anniversary thereof. As previously disclosed, the Company expects that the increased costs to enhance its compliance program could exceed $1.0 million per year over several years, in addition to the costs necessary to resolve the investigation. Other Matters Convergent Mobile, Inc. v. JTH Tax, Inc. On August 26, 2019, Convergent Mobile, Inc. (“Convergent”) filed a complaint in the Superior Court of the State of California, County of Sonoma, against the Company (the "California Complaint"). The California Complaint alleges that the Company breached a contract between it and Convergent, and Convergent has asserted counts for breach of contract, promissory estoppel, and breach of the covenant of good faith and fair dealing. The California Complaint generally seeks damages according to proof, special damages according to proof, interest, attorneys’ fees and cost. The Company removed the matter to the federal district court for the Northern District of California and filed a motion to dismiss and motion to strike. On January 16, 2020, the Court vacated the previously scheduled hearing on Company’s motion to dismiss and motion to strike and stated a written opinion would be forthcoming. On April 22, 2020, the Court granted in part and denied in part the Company's motion to dismiss. The Court denied the Company's motion to strike. The Company filed its answer and a counterclaim against Convergent. On December 3, 2020 the Court entered a Case Management Order whereby the Court set a tentative trial date to start on either March 15, 2021 or March 29, 2021 and a pre-trial conference scheduled for either February 26, 2021 or March 12, 2021. The Company also filed a motion for partial summary judgment in December of 2020. The Court held oral arguments on that motion on January 19, 2021, which remains pending before the Court. The Court held a bench trial in this matter which started on March 29, 2021 and concluded on April 2, 2021. The parties post-trial briefs were filed on April 12, 2021. On April 23, 2021 the Court ruled in favor of the plaintiff and awarded a judgement of $0.6 million which is accrued in Current liabilities held for sale of discontinued operations in the accompanying condensed consolidated balance sheet. The Company is also party to claims and lawsuits that are considered to be ordinary, routine litigation incidental to the business, including claims and lawsuits concerning the preparation of customers' income tax returns, the fees charged to customers for various products and services, relationships with franchisees, intellectual property disputes, employment matters, and contract disputes. Although the Company cannot provide assurance that it will ultimately prevail in each instance, it believes the amount, if any, it will be required to pay in the discharge of liabilities or settlements in these claims will not have a material adverse impact on its consolidated results of operations, financial position, or cash flows.

Subsequent Event Subsequent Events (Details) - Subsequent Event - Dividend Declared	May 04, 2021 $ / shares
Common Stock [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.375
Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.46875

Divestitures - Summary of Cash Flow Information (Details) - Discontinued Operations, Held-for-sale - Liberty Tax [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows provided by operating activities from discontinued operations	$ 15,787	$ 39,809
Cash flows provided by investing activities from discontinued operations	$ 2,058	$ 17,662

Stockholders' Equity

3 Months Ended

Mar. 27, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stockholders' Equity Activity

On January 11, 2021, the Company entered into an Underwriting Agreement with B. Riley Securities, Inc., as representative of the several underwriters named therein (the “Underwriters”), to issue and sell an aggregate of 2,976,191 shares (the “Firm Shares”) of the Company’s 7.50% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $25.00 per share (the “Series A Preferred Stock”), in a public offering at a price to the public of $25.20 per share. The Company also granted the Underwriters an option (the “Option”) to purchase up to 446,428 additional shares of Series A Preferred Stock during the 30 days following the date of the Underwriting Agreement. On January 14, 2021, the Underwriters partially exercised the Option for 314,934 shares (together with the Firm Shares, the “Shares”). The Offering is a reopening of the Company’s original issuance of the Series A Preferred Stock, which closed on September 18, 2020. The Shares will be consolidated, form a single series, and be fully fungible with all outstanding shares of Series A Preferred Stock. The offering closed on January 14, 2021, and the net proceeds to the Company were approximately $79.5 million, after deducting underwriting discounts, an advisory fee and offering expenses totaling approximately $3.2 million.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss at March 27, 2021 and December 26, 2020 were as follows:


(In thousands)	March 27, 2021		December 26, 2020
Foreign currency adjustment	$	(1,032)	$	(1,254)
Interest rate swap agreements, net of tax	(97)		(145)
Forward contracts related to foreign currency exchange rates	17		—
Total accumulated other comprehensive loss	$	(1,112)	$	(1,399)

Non-controlling interest

The Company is the sole managing member of New Holdco and, as a result, consolidates the financial results of New Holdco. Prior to April 1, 2020, the Company reported a non-controlling interest representing the economic interest in New Holdco held by the former equity holders of Buddy's (the "Buddy’s Members"). Changes in the Company's ownership interest in New Holdco while it retained a controlling interest in New Holdco were accounted for as equity transactions. As such, redemptions or direct exchanges of New Holdco units by the Buddy’s Members resulted in a change in ownership and reduced the amount recorded as non-controlling interest and increased additional paid-in capital. On March 26, 2020, the Company redeemed 3,937,726 New Holdco units and 787,545 shares of preferred stock for common stock. On April 1, 2020, the Company redeemed the remaining 5,495,606 New Holdco units and 1,099,121 shares of preferred stock for common stock and the Company is the sole owner of New Holdco.

The exchange of New Holdco units for common stock resulted in an increase in the tax basis of the net assets of New Holdco and a liability to be recognized pursuant to the TRA. The difference of $10.0 million in the adjustment of the deferred tax balances and the tax receivable agreement liability was recorded as an adjustment to additional paid-in-capital. Refer to "Note 8. Income Taxes" for further discussion of the TRA.

Net Income (Loss) per Share

Diluted net income (loss) per share is computed using the weighted-average number of common stock and, if dilutive, the potential common stock outstanding during the period. Potential common stock consists of the incremental common stock issuable upon the exercise of stock options and vesting of restricted stock units. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. Additionally, the computation of the diluted net income (loss) per share of common stock assumed the conversion of exchangeable shares, and Preferred Stock, if dilutive.

The computation of basic and diluted net income (loss) per share for the three months ended March 27, 2021 and March 28, 2020 is as follows:


	Three Months Ended March 27, 2021		Three Months Ended March 28, 2020
	Common Stock		Common Stock
	(In thousands, except for share and per share amounts)
Basic net income (loss) per share:
Net income (loss) from continuing operations attributable to Franchise Group	$	(28,334)	$	33,984
Less: Preferred dividend declared	(2,129)		—
Adjusted net income (loss) from continuing operations available to Common Stockholders	(30,463)		33,984
Net income from discontinued operations attributable to Franchise Group	42,147		25,555
Adjusted net income (loss) available to Common Stockholders	$	11,684	$	59,539

Weighted-average common stock outstanding	40,110,084		23,373,980

Basic net income (loss) per share:
Continuing operations	$	(0.76)	$	1.45
Discontinued operations	1.05		1.09
Basic net income per share	$	0.29	$	2.54

Diluted net loss per share:
Net income (loss) from continuing operations attributable to Franchise Group	$	(28,334)	$	33,984
Less: Preferred dividend declared	(2,129)		—
Adjusted net income (loss) from continuing operations available to Common Stockholders	(30,463)		33,984
Net income from discontinued operations attributable to Franchise Group	42,147		25,555
Adjusted net income available to Common Stockholders	$	11,684	$	59,539

Number of shares used in basic computation	40,110,084		23,373,980
Weighted-average effect of dilutive securities:
Weighted average dilutive effect of stock options and restricted stock	—		319,055
Weighted-average diluted shares outstanding	40,110,084		23,693,035

Diluted net income (loss) per share:
Continuing operations	$	(0.76)	$	1.43
Discontinued operations	1.05		1.08
Diluted net income per share	$	0.29	$	2.51

Divestitures - Summary of the Major Categories of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current assets:
Total current assets	$ 84,082	$ 43,023
Liberty Tax [Member]
Current assets:
Cash and cash equivalents	19,680	2,722
Current receivables, net	50,524	33,525
Other current assets	13,878	6,776
Property, equipment, and software, net	9,160	7,634
Non-current receivables, net	3,077	3,889
Goodwill	9,063	8,719
Intangible assets, net	23,129	24,804
Operating lease right-of-use assets	8,620	8,771
Other non-current assets	1,188	1,299
Total assets held for sale	138,319	98,139
Current liabilities:
Current installments of long-term obligations	436	1,335
Current operating lease liabilities	4,639	4,658
Accounts payable and accrued expenses	19,344	20,200
Other current liabilities	14,542	14,383
Total current liabilities	38,961	40,576
Long-term obligations, excluding current installments	1,670	1,711
Non-current operating lease liabilities	4,699	4,738
Other non-current liabilities	2,185	2,330
Total liabilities held for sale	$ 47,515	$ 49,355

Goodwill and Intangible Assets

3 Months Ended

Mar. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill for the three months ended March 27, 2021 are as follows:


(In thousands)	March 27, 2021
Balance at beginning of period	$	448,258
Pet Supplies Plus Acquisition	335,134
FFO Acquisition	3,293
Balance at end of period	$	786,685

Components of intangible assets as of March 27, 2021 and December 26, 2020 were as follows:


	March 27, 2021
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Tradenames (1)	$	197,700	$	—	$	197,700
Customer contracts	43,080		(2,675)		40,405
Franchise agreements	77,600		(2,216)		75,384
Reacquired rights	1,478		(554)		924
Total intangible assets	$	319,858	$	(5,445)	$	314,413

(1) Tradenames have an indefinite life and are tested for impairment on an annual basis.


	December 26, 2020
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Tradenames (1)	$	93,300	$	—	$	93,300
Customer contracts	8,780		(2,158)		6,622
Franchise agreements	10,500		(1,546)		8,954
Reacquired rights	1,478		(462)		1,016
Total intangible assets	$	114,058	$	(4,166)	$	109,892

(1) Tradenames have an indefinite life and are tested for impairment on an annual basis.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 27, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of accumulated other comprehensive loss at March 27, 2021 and December 26, 2020 were as follows:


(In thousands)	March 27, 2021		December 26, 2020
Foreign currency adjustment	$	(1,032)	$	(1,254)
Interest rate swap agreements, net of tax	(97)		(145)
Forward contracts related to foreign currency exchange rates	17		—
Total accumulated other comprehensive loss	$	(1,112)	$	(1,399)

Schedule of computation of basic and diluted net income (loss) per share

The computation of basic and diluted net income (loss) per share for the three months ended March 27, 2021 and March 28, 2020 is as follows:


	Three Months Ended March 27, 2021		Three Months Ended March 28, 2020
	Common Stock		Common Stock
	(In thousands, except for share and per share amounts)
Basic net income (loss) per share:
Net income (loss) from continuing operations attributable to Franchise Group	$	(28,334)	$	33,984
Less: Preferred dividend declared	(2,129)		—
Adjusted net income (loss) from continuing operations available to Common Stockholders	(30,463)		33,984
Net income from discontinued operations attributable to Franchise Group	42,147		25,555
Adjusted net income (loss) available to Common Stockholders	$	11,684	$	59,539

Weighted-average common stock outstanding	40,110,084		23,373,980

Basic net income (loss) per share:
Continuing operations	$	(0.76)	$	1.45
Discontinued operations	1.05		1.09
Basic net income per share	$	0.29	$	2.54

Diluted net loss per share:
Net income (loss) from continuing operations attributable to Franchise Group	$	(28,334)	$	33,984
Less: Preferred dividend declared	(2,129)		—
Adjusted net income (loss) from continuing operations available to Common Stockholders	(30,463)		33,984
Net income from discontinued operations attributable to Franchise Group	42,147		25,555
Adjusted net income available to Common Stockholders	$	11,684	$	59,539

Number of shares used in basic computation	40,110,084		23,373,980
Weighted-average effect of dilutive securities:
Weighted average dilutive effect of stock options and restricted stock	—		319,055
Weighted-average diluted shares outstanding	40,110,084		23,693,035

Diluted net income (loss) per share:
Continuing operations	$	(0.76)	$	1.43
Discontinued operations	1.05		1.08
Diluted net income per share	$	0.29	$	2.51

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jul. 10, 2019	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Income Tax Expense (Benefit)		$ (2,851)	$ (55,921)
Current Income Tax Expense (Benefit)		$ 2,900	$ 55,900
Effective Income Tax Rate Reconciliation, Deduction, Percent		9.10%	178.20%
Tax Receivable Agreement, Payment to Non-controlling Holders	40.00%
Income (Loss) from Continuing Operations before Income Taxes, Domestic		$ 31,200	$ 31,400
CARES Act, Income Tax Benefit [Member]
Current Income Tax Expense (Benefit)				$ 52,300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Divestitures

3 Months Ended

Mar. 27, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

On February 21, 2021, the Company and NextPoint entered into the Purchase Agreement to sell its Liberty Tax business for a purchase price of at least $243 million. The purchase price consists of approximately $182 million in cash and at least 51,000 proportional voting shares of NextPoint, which are convertible into NextPoint common shares at a ratio of 100 common shares to one proportional voting share. In connection with the Purchase Agreement, the parties also agreed to enter into a transition services agreement pursuant to which both parties agreed to provide certain transition services to each other for a period not to exceed six months. The Company expects the sale to be completed in the second quarter of 2021.

The following is a summary of the major categories of assets and liabilities for the Liberty Tax business. The balances for all periods are included in assets and liabilities held for sale in the Condensed Consolidated Balance Sheet.


(In thousands)	March 27, 2021		December 26, 2020
Assets	(Unaudited)		(Unaudited)
Current assets:
Cash and cash equivalents	$	19,680	$	2,722
Current receivables, net	50,524		33,525
Other current assets	13,878		6,776
Total current assets	84,082		43,023
Property, equipment, and software, net	9,160		7,634
Non-current receivables, net	3,077		3,889
Goodwill	9,063		8,719
Intangible assets, net	23,129		24,804
Operating lease right-of-use assets	8,620		8,771
Other non-current assets	1,188		1,299
Total assets held for sale	$	138,319	$	98,139
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term obligations	$	436	$	1,335
Current operating lease liabilities	4,639		4,658
Accounts payable and accrued expenses	19,344		20,200
Other current liabilities	14,542		14,383
Total current liabilities	38,961		40,576
Long-term obligations, excluding current installments	1,670		1,711
Non-current operating lease liabilities	4,699		4,738
Other non-current liabilities	2,185		2,330
Total liabilities held for sale	$	47,515	$	49,355

The following is a Condensed Consolidated Statement of Operations for the Liberty Tax business. The amounts for all periods are included in "Income (loss) from discontinued operations, net of tax" in the Company's Condensed Consolidated Statements of Operations.


	Three Months Ended
(In thousands)	March 27, 2021		March 28, 2020
Revenue	$	76,480	$	89,618
Selling, general, and administrative expenses	34,061		40,937
Income from operations	42,419		48,681
Other expense:
Other	153		(35)
Interest expense, net	(11)		(1,240)
Income before income taxes	42,561		47,406
Income tax expense	414		10,052
Net Income	42,147		37,354
Less: Net (income) attributable to non-controlling interest	—		(11,799)
Net income attributable to discontinued operations	$	42,147	$	25,555

The following is the operating and investing activities for the Liberty Tax business. These amounts are included in the Company's Condensed Consolidated Statement of Cash Flows.


	Three Months Ended
(In thousands)	March 27, 2021	March 28, 2020
Cash flows provided by operating activities from discontinued operations	15,787	39,809
Cash flows provided by investing activities from discontinued operations	2,058	17,662

Organization and Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Geographical concentration
Revenue, Remaining Performance Obligation, Amount	$ 45,225
Deferred Revenue	45,225		$ 25,616
Income Taxes Receivable, Current	15,505		13,649
Intangible Assets, Net (Excluding Goodwill)	314,413		109,892
Assets	2,861,937		1,847,912
Deferred Revenue, Current	37,635		25,174
Liabilities	2,398,477		1,462,745
Retained Earnings (Accumulated Deficit)	19		3,769
Stockholders' Equity Attributable to Parent	463,460		385,167
Liabilities and Equity	2,861,937		$ 1,847,912
General and Administrative Expense	225,545	$ 211,276
Operating Income (Loss)	52,976	(2,845)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(31,185)	(31,377)
Income Tax Expense (Benefit)	(2,851)	(55,921)
Net Income (Loss) Attributable to Parent	13,813	59,539
New Deferrals of Franchise and AD Fees	29,475
Revenues	$ 621,345	$ 502,947

Divestitures - Narrative (Details) - Liberty Tax Segment - Discontinued Operations, Held-for-sale $ in Millions	Feb. 21, 2021 USD ($) shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration \| $	$ 243.0
Proceeds from Divestiture of Businesses \| $	$ 182.0
Disposal Group, Including Discontinued Operation, Consideration, Number Of Proportional Voting Shares, Shares (at least) (in shares) \| shares	51,000
Disposal Group, Including Discontinued Operation, Consideration, Number Of Proportional Voting Shares, Conversion Ratio, Number Of Shares (in shares) \| shares	100

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 27, 2021 are as follows:


(In thousands)	March 27, 2021
Balance at beginning of period	$	448,258
Pet Supplies Plus Acquisition	335,134
FFO Acquisition	3,293
Balance at end of period	$	786,685

Schedule of the amortizable other intangible assets

Components of intangible assets as of March 27, 2021 and December 26, 2020 were as follows:


	March 27, 2021
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Tradenames (1)	$	197,700	$	—	$	197,700
Customer contracts	43,080		(2,675)		40,405
Franchise agreements	77,600		(2,216)		75,384
Reacquired rights	1,478		(554)		924
Total intangible assets	$	319,858	$	(5,445)	$	314,413

(1) Tradenames have an indefinite life and are tested for impairment on an annual basis.


	December 26, 2020
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Tradenames (1)	$	93,300	$	—	$	93,300
Customer contracts	8,780		(2,158)		6,622
Franchise agreements	10,500		(1,546)		8,954
Reacquired rights	1,478		(462)		1,016
Total intangible assets	$	114,058	$	(4,166)	$	109,892

Acquisition (Notes)

3 Months Ended

Mar. 27, 2021

Acquisition [Abstract]

Acquisitions

(2) Acquisitions

The assets acquired and liabilities assumed in the acquisitions below are recorded at fair value in accordance with ASC 805 - "Business Combinations." Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. The goodwill recognized is attributable to operational synergies in the expected franchise models and growth opportunities.

Pet Supplies Plus Acquisition

On March 10, 2021, the Company completed its acquisition of Pet Supplies Plus (the "Pet Supplies Plus Acquisition"). The preliminary fair value of the consideration transferred at the acquisition date was $452.4 million. As of March 27, 2021, $4.8 million of acquisition fees had been incurred that are recorded in selling, general and administrative expenses.

The table below summarizes the unaudited preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Pet Supplies Plus Acquisition as of March 10, 2021. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in an adjustment to the preliminary values presented below. The Company expects to complete the purchase price allocation as soon as reasonably possible but not to exceed one year from the Pet Supplies Plus Acquisition date.


(In thousands)	Preliminary 3/10/2021
Cash and cash equivalents	$	2,131
Other current assets	41,214
Inventories, net	118,600
Property, equipment and software, net	75,607
Goodwill	335,134
Operating lease right-of-use assets	142,216
Other intangible assets, net	205,800
Other non-current assets	6,888
Total assets	927,590
Current operating lease liabilities	26,369
Accounts payable and accrued expenses	80,404
Other current liabilities	3,372
Current installments of long-term obligations	3,507
Long-term obligations, excluding current installments	247,458

Non-current operating lease liabilities	104,301
Other long-term liabilities	9,761
Total liabilities	475,172
Consideration transferred	$	452,418

Other intangible assets, net consists of the Pet Supplies Plus trade name as an indefinite-lived intangible asset with a fair value of $104.4 million. The trade name is not subject to amortization but will be evaluated annually for impairment. Also included are franchise agreements of $67.1 million and customer relationships of $34.3 million.

Lease right-of-use assets and lease liabilities consists of leases for retail store locations, warehouses and office equipment. The operating lease right-of-use assets incorporates a favorable adjustment of $12.4 million, net for favorable and unfavorable Pet Supplies Plus real estate leases (as compared to prevailing market rates) which will be amortized over the remaining lease terms.

The property and equipment consists of fixtures and equipment of $37.0 million, leasehold improvements of $33.5 million, construction in progress of $3.5 million and financing leases of $1.7 million.

Other non-current assets includes $0.4 million of restricted cash.

Furniture Factory Outlet Acquisition

On December 27, 2020, the Company completed the acquisition of Furniture Factory Outlet ("FFO Home"), a regional retailer of furniture and mattresses, for an all cash purchase price of $13.8 million. The Company acquired 31 operating locations which were rebranded as American Freight stores and included into its American Freight segment. As of March 27, 2021, $0.1 million of acquisition fees had been incurred that are recorded in selling, general and administrative expenses.


(In thousands)	Preliminary 12/27/2020
Cash and cash equivalents	$	6
Other current assets	96
Inventories, net	6,450
Property, equipment and software, net	2,934
Goodwill	3,293
Operating lease right-of-use assets	26,571
Total assets	39,350
Current operating lease liabilities	2,587
Other current liabilities	299
Non-current operating lease liabilities	22,624
Total liabilities	25,510
Consideration transferred	$	13,840

Lease right-of-use assets and lease liabilities consists of leases for retail store locations. The lease right of use assets incorporates a favorable adjustment of $1.4 million, net for favorable and unfavorable FFO Home leases (as compared to prevailing market rates) which will be amortized over the remaining lease terms.

The property and equipment consists of leasehold improvements of $2.5 million and fixtures and equipment of $0.4 million.

American Freight Acquisition

On February 14, 2020, the Company completed its acquisition of American Freight (the "American Freight Acquisition") for an aggregate purchase price of $357.3 million. The Company accounted for the transaction as a business combination using the acquisition method of accounting. In the three months ended March 27, 2021, there were no changes in the fair value of identifiable assets acquired and liabilities assumed.

Pro forma financial information

The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the Pet Supplies Plus and American Freight Acquisition as if they had occurred on December 28, 2019.


	Pro forma (Unaudited)
	Three Months Ended
(In thousands)	March 27, 2021		March 28, 2020
Revenue	$	891,415	$	836,326
Net income	62,604		3,956
Basic net income per share	$	1.56	$	0.17
Diluted net income per share	$	1.53	$	0.17

The unaudited consolidated pro forma financial information was prepared in accordance with accounting standards and is not necessarily indicative of the results of operations that would have occurred if the Pet Supplies Plus and American Freight Acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company.

The unaudited pro forma results do not reflect events that either have occurred or may occur after the acquisition, including, but not limited to, the anticipated realization of operating synergies in subsequent periods. They also do not give effect to certain charges that the Company expects to incur in connection with the acquisition, including, but not limited to, additional professional fees and employee integration.

Segments (Notes)

3 Months Ended

Mar. 27, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(14) Segments

The Company's operations are conducted in four reporting business segments: Vitamin Shoppe, American Freight, Pet Supplies Plus and Buddy's. The Company defines its segments as those operations which results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The results of operations of American Freight are included in the Company's results of operations beginning on February 14, 2020 and the results of operations of Pet Supplies Plus are included in the Company's results of operations beginning on March 11, 2021. As a result of the Company's entry into the Purchase Agreement to sell its Liberty Tax business, as discussed in "Note 3. Divestitures," the Company's Liberty Tax business is not reported in segment information since this business is reported as a discontinued operation. Current and prior year amounts have been revised to reflect the change.

The Vitamin Shoppe segment is an omni-channel specialty retailer and wellness lifestyle company with the mission of providing customers with the most trusted products, guidance, and services to help them become their best selves, however they define it. The Vitamin Shoppe segment offers a comprehensive assortment of nutritional solutions, including vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, green living products, and natural beauty aids. The Vitamin Shoppe segment consists of our operations under the "Vitamin Shoppe" brand and is headquartered in Secaucus, New Jersey.

The American Freight segment provides in-store and online access to purchase new, one-of-a-kind, out-of-box, discontinued, obsolete, reconditioned, overstocked, scratched and dented household appliances and unbranded furniture and mattresses at value prices. The American Freight segment consists of our operations under the "American Freight" banner and is headquartered in Delaware, Ohio.

The Pet Supplies Plus segment is a franchisor and retailer in the pet industry. Pet Supplies Plus has a diversified revenue model comprised of corporate store revenue, royalties and wholesale distribution to franchisees. The Pet Supplies Plus segment consists of the Company's operations under the "Pet Supplies Plus" brand and is headquartered in Livonia, Michigan.

The Buddy's segment leases and sells electronics, residential furniture, appliances and household accessories. The Buddy's segment consists of the Company's operations under the "Buddy's" brand and is headquartered in Orlando, Florida.

The Company measures the results of its segments, using, among other measures, each segment's total consolidated revenue, consolidated depreciation, amortization, and impairment charges and consolidated income (loss) from operations. The Company may revise the measurement of each segment's income (loss) from operations as determined by the information regularly reviewed by the CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period's presentation.

Total revenues by segment were as follows:


	Three Months Ended
(In thousands)	March 27, 2021		March 28, 2020
Total revenue:
Vitamin Shoppe	$	294,739	$	275,888
American Freight	258,517		202,747
Pet Supplies Plus	51,309		—
Buddy's	16,780		24,312
Consolidated total revenue	$	621,345	$	502,947

Depreciation, amortization, and impairment charges by segment are as follows:


	Three Months Ended
(In thousands)	March 27, 2021		March 28, 2020
Depreciation, amortization, and impairment charges:
Vitamin Shoppe	$	7,242	$	11,310
American Freight	1,890		912
Pet Supplies Plus	1,431		—
Buddy's	895		1,640
Consolidated depreciation, amortization, and impairment charges	$	11,458	$	13,862

Operating income (loss) by segment were as follows:


	Three Months Ended
(In thousands)	March 27, 2021		March 28, 2020
Income (loss) from operations:
Vitamin Shoppe	$	33,275	$	(5,476)
American Freight	25,130		1,586
Pet Supplies Plus	(4,169)		—
Buddy's	4,273		3,345
Total Segments	58,509		(545)
Corporate	(5,533)		(2,300)
Consolidated income (loss) from operations	$	52,976	$	(2,845)

Total assets by segment were as follows:


(In thousands)	March 27, 2021		December 26, 2020
Total assets:
Vitamin Shoppe	$	589,848	$	607,148
American Freight	867,096		801,731
Pet Supplies Plus	928,096		—
Buddy's	139,210		137,698
Total Segments	2,524,250		1,546,577
Corporate	199,368		203,196
Consolidated total assets	$	2,723,618	$	1,749,773

Goodwill by segment is as follows:


(In thousands)	March 27, 2021		December 26, 2020
Goodwill:
Vitamin Shoppe	$	1,277	$	1,277
American Freight	371,175		367,882
Pet Supplies Plus	335,134		—
Buddy's	79,099		79,099
Consolidated goodwill	$	786,685	$	448,258

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts and Notes Receivables (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Schedule of Activity Related to Notes Receivable
Accounts and Other Receivables, Net, Current	$ 71,489	$ 38,444
Activity related to notes receivable
Notes Receivable, Related Parties, Current	1,600	15,440
interest receivable, current, net	0	84
Income Taxes Receivable, Current	15,505	13,649
Allowance for Doubtful Other Receivables, Current	(331)	(282)
Total Receivables, Current, Net	88,263	67,335
Notes Receivable, Related Parties, Noncurrent	11,706	12,800
Allowance for Doubtful Accounts, non-current	0	0
Receivables, net, non-current	11,706	12,800
Receivables, Fair Value Disclosure	$ 99,969	$ 80,135

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 164,858	$ 148,780
Receivables:
Total Receivables, Current, Net	88,263	67,335
Income taxes receivable	15,505	13,649
Inventory, Net	447,811	302,307
Assets Held-for-sale, Not Part of Disposal Group, Current	138,319	43,023
Other current assets	22,357	13,997
Total current assets	861,608	575,442
Property, equipment, and software, net	212,983	135,872
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	11,706	12,800
Goodwill	786,685	448,258
Operating Lease, Right-of-Use Asset	659,482	502,104
Assets Held-for-sale, Not Part of Disposal Group, Noncurrent	0	55,116
Other intangible assets, net	314,413	109,892
Other assets	15,060	8,428
Total assets	2,861,937	1,847,912
Current liabilities:
Current installments of long-term obligations	12,014	104,053
Operating Lease, Liability, Current	155,949	127,032
Accounts payable and accrued expenses	338,450	252,389
Liabilities Held-For-sale, Not Part Of Disposal Group, Current	47,515	40,576
Deferred revenue - current	37,635	25,174
Total current liabilities	591,563	549,224
Long-term Debt and Lease Obligation	517,573	402,276
Liabilities Held-For-sale, Not Part of Disposal Group, Noncurrent	0	8,779
Total liabilities	2,398,477	1,462,745
Equity:
Additional paid-in capital	464,106	382,383
Accumulated other comprehensive loss, net of taxes	(1,112)	(1,399)
Retained earnings	19	3,769
Total equity attributable to Liberty Tax, Inc.	463,460	385,167
Noncontrolling Interest in Variable Interest Entity	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	463,460	385,167
Total liabilities and equity	2,861,937	1,847,912
Long-term Debt, Excluding Current Maturities	1,243,132	466,944
Other Liabilities, Noncurrent	46,209	35,522
Special voting preferred stock
Equity:
Preferred stock	45	13
Class A common stock
Equity:
Common stock	402	401
Total equity attributable to Liberty Tax, Inc.	$ 402	$ 401

Revenue Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Revenue (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Revenues	$ 621,345	$ 502,947
Lease Income	8,953	16,420
Accounts and Other Receivables, Net, Current	71,489		$ 38,444
Financing Receivable, before Allowance for Credit Loss	13,306		28,240
Deferred Revenue	45,225		$ 25,616
Vitamin Shoppe [Member]
Revenues	294,739	275,888
Lease Income	0	0
American Freight [Member]
Revenues	258,517	202,747
Lease Income	0	0
Pet Supplies Plus
Revenues	51,309	0
Lease Income	0	0
Buddy's [Member]
Revenues	16,780	24,312
Lease Income	8,953	16,420
Retail [Member] \| Vitamin Shoppe [Member]
Revenues	294,739	275,888
Retail [Member] \| American Freight [Member]
Revenues	239,058	196,099
Retail [Member] \| Pet Supplies Plus
Revenues	31,365	0
Retail [Member] \| Buddy's [Member]
Revenues	1,368	1,518
Wholesale \| Vitamin Shoppe [Member]
Revenues	0
Wholesale \| American Freight [Member]
Revenues	0
Wholesale \| Pet Supplies Plus
Revenues	17,287
Wholesale \| Buddy's [Member]
Revenues	0
Product [Member]
Revenues	583,816	473,505
Product [Member] \| Vitamin Shoppe [Member]
Revenues	294,739	275,888
Product [Member] \| American Freight [Member]
Revenues	239,058	196,099
Product [Member] \| Pet Supplies Plus
Revenues	48,652	0
Product [Member] \| Buddy's [Member]
Revenues	1,368	1,518
Franchise [Member] \| Vitamin Shoppe [Member]
Revenues	0
Franchise [Member] \| American Freight [Member]
Revenues	0
Franchise [Member] \| Pet Supplies Plus
Revenues	16
Franchise [Member] \| Buddy's [Member]
Revenues	9
Royalties and Advertising [Member] \| Vitamin Shoppe [Member]
Revenues	0	0
Royalties and Advertising [Member] \| American Freight [Member]
Revenues	0	0
Royalties and Advertising [Member] \| Pet Supplies Plus
Revenues	1,130	0
Royalties and Advertising [Member] \| Buddy's [Member]
Revenues	3,879	2,422
Financial Service [Member] \| Vitamin Shoppe [Member]
Revenues	0
Financial Service [Member] \| American Freight [Member]
Revenues	8,579	605
Financial Service [Member] \| Pet Supplies Plus
Revenues	0
Financial Service [Member] \| Buddy's [Member]
Revenues	0
Membership [Member] \| Vitamin Shoppe [Member]
Revenues	0	0
Membership [Member] \| American Freight [Member]
Revenues	0	0
Membership [Member] \| Pet Supplies Plus
Revenues	0	0
Membership [Member] \| Buddy's [Member]
Revenues	1,806	3,320
Warranty [Member] \| Vitamin Shoppe [Member]
Revenues	0
Warranty [Member] \| American Freight [Member]
Revenues	6,397	4,251
Warranty [Member] \| Pet Supplies Plus
Revenues	0
Warranty [Member] \| Buddy's [Member]
Revenues	0
Service, Other [Member] \| Vitamin Shoppe [Member]
Revenues	0	0
Service, Other [Member] \| American Freight [Member]
Revenues	4,483	1,792
Service, Other [Member] \| Pet Supplies Plus
Revenues	1,511	0
Service, Other [Member] \| Buddy's [Member]
Revenues	765	632
Service [Member]
Revenues	28,576	13,022
Service [Member] \| Vitamin Shoppe [Member]
Revenues	0	0
Service [Member] \| American Freight [Member]
Revenues	19,459	6,648
Service [Member] \| Pet Supplies Plus
Revenues	2,657	0
Service [Member] \| Buddy's [Member]
Revenues	$ 6,459	$ 6,374

Acquisition (Details) $ / shares in Units, $ in Thousands					3 Months Ended
Acquisition (Details) $ / shares in Units, $ in Thousands	Mar. 27, 2021 USD ($)	Mar. 10, 2021 USD ($)	Dec. 27, 2020 USD ($) business	Feb. 14, 2020 USD ($)	Mar. 27, 2021 USD ($) $ / shares	Mar. 28, 2020 USD ($) $ / shares	Dec. 26, 2020 USD ($)
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized					$ 891,415	$ 836,326
Revenues					621,345	502,947
Net Income (Loss) Attributable to Parent					13,813	59,539
Goodwill	$ 786,685				786,685		$ 448,258
Long-term Debt, Current Maturities	12,014				12,014		104,053
Long-term Debt, Excluding Current Maturities	1,243,132				1,243,132		$ 466,944
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized					$ 62,604	$ 3,956
Finance Lease, Right-of-Use Asset, before Accumulated Amortization		$ 1,700
Basic Earnings Per Share, Pro Forma \| $ / shares					$ 1.56	$ 0.17
Diluted Earnings Per Share Pro Forma \| $ / shares					$ 1.53	$ 0.17
Pet Supplies Plus
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		2,131
Adjustment, Lease Right of Use		12,400
Noncash or Part Noncash Acquisition, Investments Acquired		205,800
Business Combination, Consideration Transferred		452,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other		41,214
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		118,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		75,607
Goodwill		335,134
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Right-Of-Use Asset		142,216
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		6,888
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		927,590
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease, Liability, Current		26,369
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		80,404
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other		3,372
Long-term Debt, Current Maturities		3,507
Long-term Debt, Excluding Current Maturities		247,458
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease, Liability, Noncurrent		104,301
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other		9,761
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		475,172
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		452,418
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash		400
FFO
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 6
Adjustment, Lease Right of Use			1,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other			96
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			6,450
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			2,934
Goodwill			3,293
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Right-Of-Use Asset			26,571
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			39,350
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease, Liability, Current			2,587
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			299
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease, Liability, Noncurrent			22,624
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			25,510
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			13,840
Business Combination, Acquisition Related Costs	$ 4,800				$ 100
Payments to Acquire Businesses, Gross			$ 13,800
Number of Businesses Acquired \| business			31
American Freight [Member]
Business Combination, Consideration Transferred				$ 357,300
Leasehold Improvements [Member] \| Pet Supplies Plus
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		33,500
Leasehold Improvements [Member] \| FFO
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			$ 2,500
Furniture, Fixtures, And Equipment [Member] \| Pet Supplies Plus
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		37,000
Furniture, Fixtures, And Equipment [Member] \| FFO
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			$ 400
Construction in Progress [Member] \| Pet Supplies Plus
Machinery and Equipment, Gross		3,500
Trade Names [Member] \| Pet Supplies Plus
Noncash or Part Noncash Acquisition, Investments Acquired		104,400
Franchise Rights [Member] \| Pet Supplies Plus
Noncash or Part Noncash Acquisition, Investments Acquired		67,100
Customer Relationships \| Pet Supplies Plus
Noncash or Part Noncash Acquisition, Investments Acquired		$ 34,300

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 23, 2021	Mar. 27, 2021	Dec. 20, 2019	Aug. 12, 2019
Commitments and contingencies
Loss Contingency Accrual			$ 3.0
Derivative Complaint, Inadequate Share Price, Price Per Share				$ 12.00
Stockholder Class-Action And Derivative Complaint
Commitments and contingencies
Loss Contingency Accrual		$ 0.5
Additional Accrual for loss contingency [Member]
Commitments and contingencies
Loss Contingency Accrual			1.0
Additional Accrual for loss contingency [Member] \| Subsequent Event \| Convergent Mobile, Inc. v. JTH Tax, Inc.
Commitments and contingencies
Loss Contingency Accrual	$ 0.6
Compliance Program loss contingency [Member]
Commitments and contingencies
Loss Contingency Accrual			$ 0.5
Property Lease Guarantee
Commitments and contingencies
Loss Contingency, Estimate of Possible Loss		$ 8.9

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 27, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company considers directors and their affiliated companies, as well as named executive officers and members of their immediate families, to be related parties. Messrs. Kahn and Laurence Vintage and its affiliates held approximately 28% of the aggregate voting power of the Company through their ownership of common stock as of March 27, 2021. Brian Kahn and Andrew Laurence are principals of Vintage. Mr. Kahn is a member of the Board of Directors, President and Chief Executive Officer of the Company. Mr. Laurence is an Executive Vice President of the Company, a member of the Company's Board of Directors until the Company's annual meeting of stockholders in May 2021 and served as the Company's Chairman of the Board until March 31, 2020.