FDD ITEM 20 · FISCAL 2023–2025
Pearce Bespoke Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), Pearce Bespoke reported 63 franchised outlets at year end. 9 of 49 franchised outlets open at the start of the year left the system — an annualized exit rate of 18.4%— while 23 new outlets opened. Systemwide units moved +57.5% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 3 | 40 | 51 |
| Opened | 37 | 11 | 23 |
| Transfers | 0 | 0 | 9 |
| Terminations | 0 | 0 | 3 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 6 |
| Outlets at end | 40 | 51 | 63 |
| Net change | +37 | +11 | +12 |
3 terminations + 0 non-renewals + 6 ceased (other) = 9 exits ÷ 49 at start = 18.4%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (9) 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 |
|---|---|---|
| FL | 11 | — |
| TX | 9 | — |
| AL | 4 | — |
| CA | 4 | — |
| IL | 4 | — |
| NV | 4 | — |
| SC | 4 | — |
| GA | 3 | — |
| LA | 3 | 0 |
| UT | 3 | — |
| IN | 2 | — |
| MA | 2 | — |
| NC | 2 | — |
| NY | 2 | — |
| TN | 2 | — |
| DC | 1 | — |
| MI | 1 | — |
| MS | 1 | — |
| NJ | 1 | — |
| OR | 1 | — |
| OK | 0 | — |
The Pearce Bespoke validation checklist
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