FDD ITEM 20 · FISCAL 2021–2024
Perkins Restaurants Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2024, from the 2025 FDD), Perkins Restaurants reported 175 franchised outlets at year end. 7 of 183 franchised outlets open at the start of the year left the system (exit rate 3.8%, fiscal 2024), while 1 new outlets opened. Systemwide units moved -7.9% over 2021–2024.
| Status (FTC) | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Outlets at start | 290 | 279 | 272 | 263 |
| Opened | 2 | 0 | 0 | 1 |
| Transfers | 4 | 2 | 2 | 9 |
| Terminations | 2 | 2 | 2 | 1 |
| Non-renewals | 1 | 1 | 3 | 3 |
| Reacquired by franchisor | 0 | 0 | 0 | 2 |
| Ceased — other reasons | 7 | 3 | 3 | 3 |
| Outlets at end | 279 | 272 | 263 | 257 |
| Net change | -11 | -7 | -9 | -6 |
1 terminations + 3 non-renewals + 3 ceased (other) = 7 exits ÷ 183 at start = 3.8%
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 (9) are resales, not exits; reacquisitions by the franchisor (2) 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 |
|---|---|---|
| PA | 36 | — |
| MN | 22 | 26 |
| OH | 17 | — |
| FL | 11 | 16 |
| SD | 11 | — |
| WI | 9 | 9 |
| NE | 8 | — |
| IA | 7 | 14 |
| NY | 6 | — |
| ON | 6 | — |
| IN | 5 | — |
| KS | 5 | — |
| TN | 5 | 2 |
| WY | 5 | — |
| CO | 3 | 0 |
| ID | 3 | — |
| ND | 2 | 3 |
| NJ | 2 | — |
| WV | 2 | — |
| AR | 1 | — |
| AZ | 1 | — |
| DE | 1 | — |
| MD | 1 | — |
| MI | 1 | — |
| MO | 1 | 5 |
| MT | 1 | 2 |
| SC | 1 | — |
| UT | 1 | — |
| VA | 1 | — |
| GA | 0 | — |
| IL | 0 | 4 |
| OK | 0 | 1 |
| SK | 0 | — |
| WA | 0 | — |
The Perkins Restaurants validation checklist
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