Under the terms of the agreement announced July 16, Regis will receive $163.5 million in cash. The transaction is expected to close in the third or fourth quarter of 2012.
"We believe the sale of Hair Club represents an opportunity to exit a non-core business on attractive terms while taking another significant step in refocusing operational resources on expanding sales, margins and profitability of salon operations," said Joel Conner, chairman of the board. "We look forward to continuing to implement our strategy of improving the customer experience in our salons and enhancing shareholder value."
[Image: Courtesy of Hair Club]