FDD ITEM 20 · FISCAL 2021–2023
IMAGINE ARTS ACADEMY Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2023, from the 2023 FDD · 2+ years old), IMAGINE ARTS ACADEMY reported 20 franchised outlets at year end. 6 of 24 franchised outlets open at the start of the year left the system (exit rate 25.0%, fiscal 2023), while 2 new outlets opened. Systemwide units moved 23 → 20 units over 2021–2023.
| Status (FTC) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Outlets at start | 22 | 23 | 24 |
| Opened | 1 | 2 | 2 |
| Transfers | 0 | 0 | 1 |
| Terminations | 0 | 1 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 6 |
| Outlets at end | 23 | 24 | 20 |
| Net change | +1 | +1 | -4 |
0 terminations + 0 non-renewals + 6 ceased (other) = 6 exits ÷ 24 at start = 25.0%
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 (1) 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.
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