HQI News & Events

TrueBlue (TBI) announced that its Board of Directors has unanimously rejected the unsolicited, non-binding proposal from HireQuest (HQI) to acquire the On-Demand segment of TrueBlue's PeopleReady business for $105 million in cash. As previously disclosed last year, the Board considered, and rejected, an unsolicited, non-binding proposal from HireQuest to acquire all of TrueBlue's outstanding shares. HireQuest's latest proposal to acquire the On-Demand segment of the PeopleReady business, which was received on May 12, 2026, "materially undervalues a core strategic asset of TrueBlue that is experiencing increased demand and strong momentum, despite challenging market conditions... The Board is confident that the Company's plan to enhance the sales function, expand share in attractive end markets, and unlock efficiencies with technology and operational excellence will enable TrueBlue to realize long-term sustainable value in excess of what HireQuest has proposed. The Company is entering its fourth consecutive quarter of growth, and the Board and management team see significant potential ahead," the company said.

Reports Q1 revenue $6.5M vs. $7.5M last year. Reports Q1 system-wide sales decreased 13.4% to $102.6M compared to $118.4M last year. Q1 of 2025 included approximately $16.0M in system-wide sales related to the MRINetwork assets divestiture. Rick Hermanns, HireQuest's President and CEO commented, "The first quarter of 2026 was another solid period of operational execution and profitability for our business, reflecting the resiliency of our franchise staffing model in diverse markets. Our operational execution is supported by a strong balance sheet with no debt, and we remain committed to efficiently allocating capital and returning it to our shareholders. Looking ahead, we believe we're well positioned to benefit from a stabilizing job market as we continue to leverage our proven franchise model to drive consistently profitable results throughout the year."

Reports Q4 revenue $7M vs. $8.1M last year. Rick Hermanns, HireQuest's President and Chief Executive Officer, commented, "We remained solidly profitable in both the fourth quarter and full year of 2025 and are now debt free despite what has been three consecutive years of challenging economic environments for the staffing industry."