FDD ITEM 20 · FISCAL 2023–2025
PIGTAILS & CREWCUTS Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), PIGTAILS & CREWCUTS reported 84 franchised outlets at year end. 3 of 78 franchised outlets open at the start of the year left the system — an annualized exit rate of 3.8%— while 9 new outlets opened. Systemwide units moved +9.0% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 71 | 78 | 80 |
| Opened | 8 | 3 | 9 |
| Transfers | 9 | 3 | 7 |
| Terminations | 1 | 1 | 3 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 78 | 80 | 85 |
| Net change | +7 | +2 | +5 |
3 terminations + 0 non-renewals + 0 ceased (other) = 3 exits ÷ 78 at start = 3.8%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (7) 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 |
|---|---|---|
| TX | 14 | — |
| FL | 9 | — |
| GA | 8 | 1 |
| SC | 7 | — |
| TN | 7 | — |
| NC | 6 | — |
| AR | 4 | — |
| CO | 4 | — |
| VA | 4 | — |
| AL | 2 | — |
| AZ | 2 | — |
| CA | 2 | — |
| IL | 2 | — |
| KS | 2 | — |
| NJ | 2 | — |
| HI | 1 | — |
| KY | 1 | — |
| LA | 1 | — |
| MD | 1 | — |
| MS | 1 | — |
| OK | 1 | — |
| OR | 1 | — |
| WI | 1 | — |
| WV | 1 | — |
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