Regis Corporation (NYSE:RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating hair salons, announced today they have entered into an agreement for the sale and conversion of an additional 190 company-owned salons to its asset-light franchise portfolio substantially located in the state of Ohio and surrounding areas to the Super C Group. The salons being sold and refranchised are currently branded as Famous Hair®, Best Cuts®, Fiesta Salons®, First Choice Haircutters® and BoRics Hair Care®. These salons will be remodeled and converted to Supercuts® and Cost Cutters® over the next several months. The transitions will begin in the Cleveland area in June. Supercuts, the Official Hair Salon of Major League Baseball®, expects to initiate a new marketing campaign during All Star Week®, which is being held in Cleveland July 5-9, 2019.
"We look forward to growing our existing relationship with the Super C Group. Our partnership with them allows us to bring critical scale to our Supercuts and Cost Cutters brands in the Ohio market. The Super C Group not only brings experience with the Supercuts brand but also has a proven history of strong performance with service-oriented retail companies," commented Eric Bakken, Executive Vice President, President - Franchise of Regis Corporation.
Earlier this year, the Super C Group purchased and successfully converted sixty-six salons in Michigan to Supercuts, making them the largest Supercuts franchisee in the Midwest. This agreement makes Super C the largest Cost Cutters franchisee for Regis.
"Partnering with proven multi-unit operators, like the Super C Group, allows us to effectively transition corporate salons to franchisees and strengthens our franchise portfolio in circumstances where we believe it will add to shareholder value and support our evolving strategy for our business," Mr. Bakken concluded.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005049/en/
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