FDD ITEM 20 · FISCAL 2023–2025
BOJANGLES' Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), BOJANGLES' reported 591 franchised outlets at year end. 3 of 564 franchised outlets open at the start of the year left the system — an annualized exit rate of 0.5%— while 31 new outlets opened. Systemwide units moved +6.1% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 792 | 817 | 830 |
| Opened | 34 | 35 | 31 |
| Transfers | 38 | 9 | 128 |
| Terminations | 5 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 1 | 1 |
| Ceased — other reasons | 8 | 2 | 3 |
| Outlets at end | 817 | 830 | 867 |
| Net change | +25 | +13 | +37 |
0 terminations + 0 non-renewals + 3 ceased (other) = 3 exits ÷ 564 at start = 0.5%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (128) are resales, not exits; reacquisitions by the franchisor (1) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| NC | 181 | 172 |
| GA | 110 | 0 |
| SC | 103 | 50 |
| VA | 70 | 1 |
| TN | 45 | 27 |
| AL | 36 | 0 |
| TX | 11 | 8 |
| LA | 5 | — |
| MS | 5 | — |
| NV | 5 | — |
| OH | 5 | — |
| AR | 3 | — |
| IL | 3 | — |
| FL | 2 | 12 |
| PA | 2 | — |
| CO | 1 | — |
| KY | 1 | 6 |
| MD | 1 | — |
| NJ | 1 | — |
| WV | 1 | — |
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