FDD ITEM 20 · FISCAL 2023–2025
BOXDROP Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), BOXDROP reported 125 franchised outlets at year end. 74 of 184 franchised outlets open at the start of the year left the system (exit rate 40.2%, fiscal 2025), while 15 new outlets opened. Systemwide units moved -25.7% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 158 | 171 | 186 |
| Opened | 44 | 25 | 15 |
| Transfers | 5 | 3 | 6 |
| Terminations | 6 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 25 | 11 | 74 |
| Outlets at end | 171 | 186 | 127 |
| Net change | +13 | +15 | -59 |
0 terminations + 0 non-renewals + 74 ceased (other) = 74 exits ÷ 184 at start = 40.2%
These are the three FTC Item 20 statuses in which a franchised outlet left the system — including voluntary non-renewals and outlets that ceased for other reasons, which can include sales or absorption into another franchise. Transfers (6) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate”, and not every exit is a closure or a failure; Item 20 does not say why any outlet left. On a small starting base, a single exit moves this rate sharply.
| State | Franchised | Company-owned |
|---|---|---|
| KY | 9 | — |
| MO | 9 | — |
| WV | 8 | — |
| FL | 7 | 0 |
| LA | 7 | — |
| MI | 7 | — |
| TN | 6 | — |
| TX | 6 | — |
| AL | 5 | — |
| NC | 5 | — |
| WI | 5 | — |
| CA | 4 | — |
| MS | 4 | 1 |
| PA | 4 | — |
| GA | 3 | — |
| IN | 3 | — |
| MA | 3 | — |
| VA | 3 | 0 |
| AZ | 2 | — |
| CO | 2 | — |
| IA | 2 | — |
| IL | 2 | — |
| OH | 2 | 1 |
| OK | 2 | — |
| UT | 2 | — |
| AR | 1 | — |
| CT | 1 | — |
| ID | 1 | — |
| KS | 1 | — |
| MD | 1 | — |
| MN | 1 | — |
| MT | 1 | — |
| ND | 1 | — |
| NE | 1 | — |
| NH | 1 | — |
| NY | 1 | — |
| OR | 1 | — |
| SC | 1 | — |
| SD | 1 | — |
| ME | 0 | — |
| NM | 0 | — |
| WY | 0 | — |
The BOXDROP validation checklist
questions built from this brand's own filings · read them all on the profile
Want this as a checklist you can take to the calls?
I'll email you the printable version, and tell you if BOXDROP’s numbers move — a new filing, a rising exit rate, a distress signal. Unsubscribe in one click.
A broker is usually paid by the franchisor to place you. I'm paid only by you, never by a franchisor you're considering — and the job is pressure-testing BOXDROP’s numbers, including talking you out of a bad deal.