FDD ITEM 20 · FISCAL 2022–2024
SHACK SHINE Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2024), SHACK SHINE reported 23 franchised outlets at year end. 8 of 31 franchised outlets open at the start of the year left the system — an annualized exit rate of 25.8%— while 1 new outlets opened. Systemwide units moved -34.3% over 2022–2024.
| Status (FTC) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Outlets at start | 30 | 35 | 31 |
| Opened | 11 | 6 | 1 |
| Transfers | 0 | 3 | 1 |
| Terminations | 5 | 7 | 6 |
| Non-renewals | 0 | 2 | 2 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 1 | 1 | 0 |
| Outlets at end | 35 | 31 | 23 |
| Net change | +5 | -4 | -8 |
6 terminations + 2 non-renewals + 0 ceased (other) = 8 exits ÷ 31 at start = 25.8%
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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