FDD ITEM 20 · FISCAL 2023–2025
TRAVEL LEADERS Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), TRAVEL LEADERS reported 187 franchised outlets at year end. 8 of 188 franchised outlets open at the start of the year left the system (exit rate 4.3%, fiscal 2025), while 7 new outlets opened. Systemwide units moved +2.2% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 187 | 184 | 190 |
| Opened | 7 | 11 | 7 |
| Transfers | 0 | 1 | 0 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 2 | 3 | 5 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 7 | 2 | 3 |
| Outlets at end | 184 | 190 | 188 |
| Net change | -3 | +6 | -2 |
0 terminations + 5 non-renewals + 3 ceased (other) = 8 exits ÷ 188 at start = 4.3%
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 |
|---|---|---|
| CA | 17 | — |
| WI | 16 | — |
| MN | 14 | — |
| MI | 11 | — |
| FL | 9 | 0 |
| IL | 8 | — |
| IN | 7 | — |
| MD | 7 | 0 |
| NJ | 6 | — |
| TX | 6 | 0 |
| VA | 6 | — |
| WA | 6 | — |
| GA | 5 | 0 |
| MO | 5 | — |
| NY | 5 | — |
| OR | 5 | — |
| AZ | 4 | — |
| CO | 4 | — |
| IA | 4 | — |
| PA | 4 | 0 |
| CT | 3 | — |
| NC | 3 | 1 |
| ND | 3 | — |
| OH | 3 | — |
| OK | 3 | — |
| RI | 3 | — |
| SC | 3 | — |
| AK | 2 | — |
| KY | 2 | — |
| MA | 2 | — |
| NV | 2 | — |
| PR | 2 | — |
| SD | 2 | — |
| TN | 2 | — |
| AL | 1 | 0 |
| KS | 1 | — |
| ME | 1 | — |
| MT | 1 | — |
| UT | 1 | — |
| VI | 1 | — |
| India | 0 | — |
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