FDD ITEM 20 · FISCAL 2022–2025
Up Closets Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), Up Closets reported 76 franchised outlets at year end. 6 of 41 franchised outlets open at the start of the year left the system (exit rate 14.6%, fiscal 2025), while 41 new outlets opened. Systemwide units moved 0 → 79 units over 2022–2025.
| Status (FTC) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Outlets at start | 2 | 2 | 16 | 44 |
| Opened | 2 | 13 | 36 | 41 |
| Transfers | 0 | 0 | 4 | 3 |
| Terminations | 0 | 0 | 3 | 6 |
| Non-renewals | 0 | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 5 | 0 |
| Outlets at end | 0 | 16 | 44 | 79 |
| Net change | -2 | +14 | +28 | +35 |
6 terminations + 0 non-renewals + 0 ceased (other) = 6 exits ÷ 41 at start = 14.6%
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 (3) 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 |
|---|---|---|
| FL | 9 | — |
| TX | 8 | — |
| AZ | 4 | — |
| GA | 4 | — |
| MI | 4 | — |
| NC | 4 | — |
| NY | 4 | — |
| SC | 4 | — |
| TN | 4 | 2 |
| VA | 4 | — |
| NV | 3 | — |
| OH | 3 | — |
| AL | 2 | 1 |
| IN | 2 | — |
| MN | 2 | — |
| MO | 2 | — |
| NE | 2 | — |
| OK | 2 | — |
| PA | 2 | — |
| UT | 2 | — |
| AR | 1 | — |
| CO | 1 | — |
| ID | 1 | — |
| LA | 1 | — |
| ND | 1 | — |
| NJ | 0 | — |
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