FDD ITEM 20 · FISCAL 2021–2023
Image Studios Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2023), Image Studios reported 68 franchised outlets at year end. 0 of 37 franchised outlets open at the start of the year left the system — an annualized exit rate of 0.0%— while 31 new outlets opened. Systemwide units moved +176.0% over 2021–2023.
| Status (FTC) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Outlets at start | 23 | 25 | 38 |
| Opened | 6 | 13 | 31 |
| Transfers | 2 | 3 | 1 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 5 | 0 | 0 |
| Outlets at end | 25 | 38 | 69 |
| Net change | +2 | +13 | +31 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 37 at start = 0.0%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (1) 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.
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