Well the S FL operator has only been in since last Sept. Not sure why they gave them Tampa too since they haven't done anything yet. Time will tell. But Gale is definitely under-performing. Not sure if the company is doing much to address under-performing franchisees. Aren't there any milestones in the area development agreements? The Austin group just opened their first after almost 3 years. Richmond is not much better with 2. Seems like the company has locked themselves into these operators and are turning away potentially much better operators.
Disset is also opening the Rolling Meadows location. I'm not against dividing up these markets between Co and franchise stores. Especially with proven operators and the current lack of cash flow to open up new Co stores. I'll take your word that you're a decent operator. If so, it's a shame that they don't take advantage of selling a few more company area stores. I think it would be very prudent for cash flow and ongoing expansion into even more territory, like northeast and CA, NV. As far as Gale clinging to his area, that's BS. I hope he's paid for the full rights to all of the units he's signed up for (25). He first signed up over 3 years ago and has opened a total of 4 stores. Pretty lame for someone who is supposedly big time.
I just read an article about the IN/IA franchisee. Said he also owns the Schaumburg location and is getting ready to open the rolling meadows location. Saw this somewhere else earlier this week but it didn't say which chicagoland locations he owned. This must be new. This would be an interesting development. Dissette appears to be one of the better operators.
Appreciate your thoughts on SSS. What do you think of the continued store closings and #$%$ franchise partners?
Several partners are great. But several have ended up being total duds. This is getting frustrating. Not sure now is the time to be buying more.
Laural, MD is Alyse Cohen. Didn't she already close one? Also, having trouble opening a second DC site.
Don't know what the Michigan/Wisconsin franchisee's problem was.
But why are several of these franchisees totally lame? What's their screening process? Doesn't seem too effective. No wonder we're stuck below $5.
Dang it. I thought it was 88. Last Wed's release said 87 and Friday's opening made 88. That's what my count says. Either way, seems like this is a problem that shouldn't happen.
8 or 9 in June to get to 100 seems realistic. That would be great.
In spite of the recent P5 store closings and the seemingly slow pace of openings this calendar year (last Q), we are still on pace to have more net openings this FY than last. With the 3 coming-soons listed for May, we'll only need about 4 in June to get over 20% more unit growth compared to last year. Not sure how this compares to the other players in the field but this seems respectable. Certainly it's not doom and gloom like some would have us believe.
Yeah, but sucks to write it off just a year or two after spending it. RAVE doesn't have much to buffer mistakes like that. Hopefully, they get their act together soon.
"MOD Pizza appoints IPO veteran Bob Barton as CFO"
They say that they'll add another 80 units by end of year. They have over $100M in equity funding so far. P5 needs more funding to ramp up the expansion, among other things.