FDD ITEM 20 · FISCAL 2023–2025
REF Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), REF reported 14 franchised outlets at year end. 1 of 15 franchised outlets open at the start of the year left the system — an annualized exit rate of 6.7%— while 0 new outlets opened. Systemwide units moved -6.7% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 15 | 15 | 15 |
| Opened | 0 | 1 | 0 |
| Transfers | 0 | 0 | 0 |
| Terminations | 0 | 1 | 0 |
| Non-renewals | 0 | 0 | 1 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 15 | 15 | 14 |
| Net change | 0 | 0 | -1 |
0 terminations + 1 non-renewals + 0 ceased (other) = 1 exits ÷ 15 at start = 6.7%
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 |
|---|---|---|
| CA | 4 | 0 |
| CT | 1 | 0 |
| FL | 1 | 0 |
| IA | 1 | 0 |
| IL | 1 | 0 |
| IN | 1 | 0 |
| ME | 1 | 0 |
| NC | 1 | 0 |
| NJ | 1 | 0 |
| TX | 1 | 0 |
| VA | 1 | 0 |
| CO | 0 | 0 |
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