Franchise Group Inc., formerly known as Liberty Tax Inc., has closed its $132.9 million acquisition of Sears Outlet from Sears Hometown and Outlet Stores Inc., according to an Oct. 23 release.

The tax preparation services company said the deal, which includes Buddy's Home Furnishings stores, is in line with its strategic transformation to complement and diversify its franchise portfolio.

With the acquisition, the company's store portfolio now includes over 400 retail sites across different brands and platforms, with a combination of company-operated and franchisee-operated stores.