FDD ITEM 20 · FISCAL 2022–2025
SMARTSTYLE Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2025 FDD), SMARTSTYLE reported 911 franchised outlets at year end. 171 of 1,077 franchised outlets open at the start of the year left the system (exit rate 15.9%, fiscal 2025), while 5 new outlets opened. Systemwide units moved -38.2% over 2022–2025.
| Status (FTC) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Outlets at start | 1,523 | 1,474 | 1,235 | 1,078 |
| Opened | 19 | 0 | 0 | 5 |
| Transfers | 62 | 67 | 46 | 89 |
| Terminations | 0 | 0 | 0 | 46 |
| Non-renewals | 0 | 0 | 0 | 125 |
| Reacquired by franchisor | 0 | 0 | 0 | 0 |
| Ceased — other reasons | 46 | 239 | 157 | 0 |
| Outlets at end | 1,474 | 1,235 | 1,078 | 911 |
| Net change | -49 | -239 | -157 | -167 |
46 terminations + 125 non-renewals + 0 ceased (other) = 171 exits ÷ 1,077 at start = 15.9%
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 (89) 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 |
|---|---|---|
| TX | 114 | — |
| FL | 91 | — |
| PA | 60 | — |
| OK | 37 | — |
| TN | 36 | — |
| OH | 35 | — |
| AZ | 31 | — |
| AR | 29 | — |
| NY | 28 | — |
| IN | 26 | — |
| MI | 25 | — |
| MO | 25 | — |
| WV | 23 | — |
| LA | 22 | — |
| IA | 21 | — |
| IL | 21 | 0 |
| SC | 20 | — |
| NM | 18 | — |
| NV | 18 | — |
| MS | 17 | — |
| NC | 17 | — |
| CO | 16 | — |
| ME | 16 | — |
| ID | 15 | — |
| KY | 13 | — |
| UT | 13 | — |
| AL | 12 | — |
| NH | 12 | — |
| VA | 11 | — |
| GA | 10 | — |
| SD | 10 | — |
| PR | 9 | — |
| WI | 9 | — |
| WA | 7 | — |
| WY | 7 | — |
| KS | 6 | — |
| MT | 5 | — |
| NE | 4 | — |
| OR | 4 | — |
| MD | 3 | — |
| MN | 3 | — |
| ND | 3 | — |
| VT | 3 | — |
| AK | 1 | — |
| CA | 1 | — |
| CT | 1 | — |
| DE | 1 | — |
| MA | 1 | — |
| NJ | 1 | — |
The SMARTSTYLE validation checklist
questions built from this brand's own filings · read them all on the profile
Want this as a checklist you can take to the calls?
I'll email you the printable version, and tell you if SMARTSTYLE’s numbers move — a new filing, a rising exit rate, a distress signal. Unsubscribe in one click.
A broker is usually paid by the franchisor to place you. I'm paid only by you, never by a franchisor you're considering — and the job is pressure-testing SMARTSTYLE’s numbers, including talking you out of a bad deal.