FDD ITEM 20 · FISCAL 2023–2025
LEDGERS - UNIT Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), LEDGERS - UNIT reported 16 franchised outlets at year end. 0 of 2 franchised outlets open at the start of the year left the system (exit rate 0.0%, fiscal 2025), while 14 new outlets opened. Systemwide units moved 4 → 16 units over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 8 | 4 | 2 |
| Opened | 0 | 1 | 14 |
| Transfers | 0 | 0 | 0 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 1 | 0 | 0 |
| Ceased — other reasons | 3 | 3 | 0 |
| Outlets at end | 4 | 2 | 16 |
| Net change | -4 | -2 | +14 |
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 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 (0) 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 |
|---|---|---|
| FL | 3 | — |
| CA | 2 | — |
| MO | 2 | — |
| VA | 2 | — |
| AK | 1 | — |
| AR | 1 | — |
| AZ | 1 | — |
| CO | 1 | — |
| NC | 1 | — |
| NJ | 1 | — |
| OH | 1 | — |
| CT | 0 | 0 |
| MD | 0 | — |
| MI | 0 | — |
| TX | 0 | — |
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