| | | | | | | | |
| Entity | Jurisdiction | Sole Member |
| Franchise Group New Holdco, LLC | DE | Franchise Group, Inc. |
| Franchise Group Intermediate Holdco, LLC | DE | Franchise Group New Holdco, LLC |
| Franchise Group Intermediate B, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Buddy’s Newco, LLC | DE | Franchise Group Intermediate B, LLC |
| Buddy’s Franchising and Licensing, LLC | FL | Buddy’s Newco, LLC |
| Franchise Group Intermediate S, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Franchise Group Newco S, LLC | DE | Franchise Group Intermediate S, LLC |
| Franchise Group Newco Intermediate AF, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| American Freight Outlet Stores, LLC | DE | Franchise Group Newco S, LLC |
| Outlet Merchandise, LLC | DE | Franchise Group Newco S, LLC |
| American Freight Franchisor LLC | DE | American Freight Outlet Stores LLC |
| American Freight Franchising LLC (formerly) American Freight Discount Outlet Franchising, LLC | DE | Franchise Group Newco S, LLC |
| American Freight Group, LLC | DE | Franchise Group Newco Intermediate AF, LLC |
| American Freight Holdings, LLC | DE | American Freight Group, LLC |
| American Freight, LLC | DE | American Freight Holdings, LLC |
| American Freight Management Company, LLC | DE | American Freight, LLC |
| Franchise Group Intermediate V, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Franchise Group Newco V, LLC | DE | Franchise Group Intermediate V, LLC |
| Valor Acquisition, LLC | DE | Franchise Group Newco V, LLC |
| Vitamin Shoppe Industries LLC | NY | Valor Acquisition, LLC |
| Vitamin Shoppe Global, LLC | DE | Vitamin Shoppe Industries LLC |
| Vitamin Shoppe Mariner, LLC | DE | Vitamin Shoppe Industries LLC |
| Vitamin Shoppe Procurement Services LLC | DE | Vitamin Shoppe Industries LLC |
| Vitamin Shoppe Franchising LLC | DE | Vitamin Shoppe Industries LLC |
| Vitamin Shoppe Florida, LLC | DE | Vitamin Shoppe Industries LLC |
| Betancourt Sports Nutrition, LLC | FL | Vitamin Shoppe Industries LLC |
| Franchise Group Intermediate L, LLC | DE | Franchise Group New Holdco, LLC |
| Franchise Group Intermediate L 1, LLC | DE | Franchise Group Intermediate L, LLC |
| Franchise Group Intermediate L 2, LLC | DE | Franchise Group Intermediate L 1, LLC |
| Franchise Group Intermediate PSP, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Franchise Group Newco PSP, LLC | DE | Franchise Group Intermediate PSP, LLC |
| PSP Midco, LLC | DE | Franchise Group Newco PSP, LLC |
| Pet Supplies "Plus", LLC | DE | PSP Midco, LLC |
| PSP Group, LLC | DE | Pet Supplies "Plus", LLC |
| PSP Service Newco, LLC | DE | PSP Group, LLC |
| PSP Stores, LLC | OH | PSP Group, LLC |
| PSP Subco, LLC | DE | PSP Group, LLC |
| PSP Franchising, LLC | DE | PSP Stores, LLC |
| PSP Distribution, LLC | DE | PSP Stores, LLC |
| Franchise Group Intermediate BHF LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Franchise Group Newco BHF, LLC | DE | Franchise Group Intermediate BHF LLC |
| W.S. Badcock Corporation | FL | Franchise Group Newco BHF, LLC |
| Franchise Group Intermediate SL, LLC | DE | Franchise Group Intermediate Holdco, LLC |
| Franchise Group Newco SL, LLC | DE | Franchise Group Intermediate SL, LLC |