FDD ITEM 20 · FISCAL 2023–2025
Hole in the Wall Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), Hole in the Wall reported 24 franchised outlets at year end. 0 of 2 franchised outlets open at the start of the year left the system — an annualized exit rate of 0.0%— while 22 new outlets opened. Systemwide units moved +2400.0% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 1 | 1 | 3 |
| Opened | 0 | 2 | 22 |
| Transfers | 0 | 0 | 0 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 1 | 3 | 25 |
| Net change | 0 | +2 | +22 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 2 at start = 0.0%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (0) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| CO | 4 | — |
| FL | 4 | 1 |
| ID | 3 | — |
| MO | 3 | — |
| NJ | 3 | — |
| UT | 3 | — |
| NC | 2 | — |
| PA | 2 | — |
The Hole in the Wall validation checklist
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