How many Annex Brands outlets were reacquired by the franchisor in Maryland during 2022?
Annex_Brands Franchise · 2025 FDDAnswer from 2025 FDD Document
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | AR | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | AZ | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | CA | 2022 | 186 | 5 | 0 | 0 | 0 | 2 | 189 | | | 2023 | 189 | 6 | 0 | 0 | 0 | 4 | 191 | | | 2024 | 191 | 6 | 0 | 0 | 0 | 6 | 191 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | CO | 2022 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | | | 2023 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | | | 2024 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | | FL | 2022 | 7 | 0 | 0 | 0 | 0 | 1 | 6 | | | 2023 | 6 | 1 | 0 | 0 | 0 | 0 | 7 | | | 2024 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | GA | 2022 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 2 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | ID | 2022 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2023 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | IN | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | KY | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | MD | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | MA | 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | 2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | 2024 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | MI | 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | 2023 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | MT | 2022 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | | | 2023 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | | | 2024 | 4 | 1 | 0 | 0 | 0 | 0 | 5 | | NC | 2022 | 14 | 0 | 0 | 0 | 0 | 0 | 14 | | | 2023 | 14 | 1 | 0 | 0 | 0 | 1 | 14 | | | 2024 | 14 | 2 | 0 | 0 | 0 | 0 | 16 | | NJ | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 1 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | NM | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | NY | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | NV | 2022 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2023 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | OH | 2022 | 2 | 0 | 0 | 0 | 0 | 1 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | OK | 2022 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2023 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | OR | 2022 | 17 | 1 | 0 | 0 | 0 | 1 | 17 | | | 2023 | 17 | 0 | 0 | 0 | 0 | 0 | 17 | | | 2024 | 17 | 0 | 0 | 0 | 0 | 1 | 16 | | SC | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 1 | 0 | 0 | 0 | 0 | 2 | | SD | 2022 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | TN | 2022 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | | | 2023 | 4 | 2 | 0 | 0 | 0 | 0 | 6 | | | 2024 | 6 | 3 | 0 | 0 | 0 | 2 | 7 | | TX | 2022 | 31 | 2 | 0 | 0 | 0 | 1 | 32 | | | 2023 | 32 | 1 | 0 | 0 | 0 | 0 | 33 | | | 2024 | 33 | 2 | 0 | 0 | 0 | 1 | 34 | | UT | 2022 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | WA | 2022 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | | 2023 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | | 2024 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | WI | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year |
|---|---|---|---|---|---|---|---|---|
| 2024 | 1 | 1 | 0 | 0 | 0 | 0 | 2 | |
| Total | 2022 | 301 | 10 | 0 | 0 | 0 | 6 | 305 |
| 2023 | 305 | 15 | 0 | 0 | 0 | 5 | 315 | |
| 2024 | 315 | 17 | 0 | 0 | 0 | 10 | 322 |
POSTALANNEX/POSTALANNEX+ RETAIL CENTERS
Status of Company-Owned Outlets For Years 2022 to 2024
| State | Year | Outlets At Start Of Year | Outlets Opened | Outlets Re- Acquired From Franchisees | Outlets Closed | Outlets Sold To Franchisees | Outlets At End Of Year |
|---|---|---|---|---|---|---|---|
| All States | 2022 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 2024 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total | 2022 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 2024 | 0 | 0 | 0 | 0 | 0 | 0 |
TABLE NO. 5
POSTALANNEX/POSTALANNEX+ RETAIL CENTERS
Projected Openings in Fiscal Year Ending September 30, 2025
| State | Franchise Agreements Signed But Outlets Not Opened As Of September 30, 2024 | Projected New Franchised Outlets in Fiscal Year Ending September 30, 2025 | Projected New Company- Owned Outlets in Fiscal Year Ending September 30, 2025 | |---|---|---|---| | AZ | 1 | 2 | 0 | | CA | 16 | 20 | 0 | | CO | 1 | 2 | 0 | | DE | 1 | 2 | 0 | | FL | 2 | 3 | 0 | | GA | 0 | 2 | 0 | | ID | 0 | 1 | 0 | | IL | 0 | 1 | 0 | | IN | 0 | 1 | 0 |
| State | Franchise Agreements Signed But Outlets Not Opened As Of September 30, 2024 | Projected New Franchised Outlets in Fiscal Year Ending September 30, 2025 | Projected New Company- Owned Outlets in Fiscal Year Ending September 30, 2025 |
|---|---|---|---|
| LA | 1 | 2 | 0 |
| MA | 0 | 1 | 0 |
| MI | 1 | 1 | 0 |
| MO | 1 | 1 | 0 |
| MT | 0 | 1 | 0 |
| NC | 1 | 3 | 0 |
| NJ | 0 | 1 | 0 |
| NV | 1 | 2 | 0 |
| NY | 0 | 2 | 0 |
| OK | 0 | 1 | 0 |
| OR | 0 | 1 | 0 |
| SC | 1 | 2 | 0 |
| TN | 1 | 2 | 0 |
| TX | 1 | 4 | 0 |
| UT | 0 | 1 | 0 |
| VA | 3 | 4 | 0 |
| WA | 2 | 4 | 0 |
| WI | 0 | 1 | 0 |
| Total | 34 | 68 | 0 |
PAK MAIL RETAIL CENTERS
TABLE NO. 1
PAK MAIL RETAIL CENTERS
Systemwide Outlet Summary for 2022 to 2024
| Outlet Type | Year | Outlets at the Start of the Year | Outlets at the End of the Year | Net Change | |---|---|---|---|---| | Franchised | 2022 | 181 | 180 | -1 | | | 2023 | 180 | 176 | -4 | | | 2024 | 176 | 171 | -5 | | Company Owned | 2022 | 1 | 0 | -1 | | | 2023 | 0 | 0 | 0 | | | 2024 | 0 | 0 | 0 | | Total Outlets | 2022 | 182 | 180 | -2 | | | 2023 | 180 | 176 | -4 | | | 2024 | 176 | 171 | -5 |
PAK MAIL RETAIL CENTERS
Transfers of Outlets From Franchisees to New Owners (Other Than Franchisor or an Affiliate) For 2022 to 2024
| State | Year | Number of Transfers | |---|---|---| | CA | 2022 | 3 | | | 2023 | 0 | | | 2024 | 1 | | CO | 2022 | 0 | | | 2023 | 1 | | | 2024 | 0 | | CT | 2022 | 0 | | | 2023 | 1 | | | 2024 | 0 | | FL | 2022 | 3 | | | 2023 | 5 | | | 2024 | 1 | | GA | 2022 | 0 | | | 2023 | 1 | | | 2024 | 2 | | IN | 2022 | 0 | | | 2023 | 0 | | | 2024 | 2 | | MA | 2022 | 1 | | | 2023 | 0 | | | 2024 | 0 | | MI | 2022 | 1 | | | 2023 | 0 | | | 2024 | 1 | | NC | 2022 | 0 | | | 2023 | 1 | | | 2024 | 1 | | PA | 2022 | 0 | | | 2023 | 1 | | | 2024 | 1 | | SC | 2022 | 0 | | | 2023 | 0 | | | 2024 | 1 | | TX | 2022 | 1 | | | 2023 | 3 | | | 2024 | 4 |
| State VA WA Totals | Year | Number of Transfers |
|---|---|---|
| 2022 | 1 | |
| 2023 | 0 | |
| 2024 | 0 | |
| 2022 | 1 | |
| 2023 | 1 | |
| 2024 | 0 | |
| 2022 | 11 | |
| 2023 | 14 | |
| 2024 | 14 |
PAK MAIL RETAIL CENTERS
Status of Franchised Outlets For 2022 to 2024
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | AL | 2022 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2023 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | AR | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | AZ | 2022 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2023 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | CA | 2022 | 17 | 0 | 0 | 0 | 0 | 0 | 17 | | | 2023 | 17 | 0 | 0 | 0 | 0 | 0 | 17 | | | 2024 | 17 | 0 | 0 | 0 | 0 | 0 | 17 | | CO | 2022 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2023 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | CT | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | FL | 2022 | 35 | 2 | 0 | 0 | 0 | 0 | 37 | | | 2023 | 37 | 0 | 0 | 0 | 0 | 0 | 37 | | | 2024 | 37 | 1 | 0 | 0 | 0 | 1 | 37 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | GA | 2022 | 16 | 1 | 0 | 0 | 0 | 0 | 17 | | | 2023 | 17 | 0 | 0 | 0 | 0 | 1 | 16 | | | 2024 | 16 | 2 | 0 | 0 | 0 | 0 | 18 | | IL | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | IN | 2022 | 9 | 0 | 0 | 0 | 0 | 2 | 7 | | | 2023 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | | 2024 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | | IA | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | KY | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | LA | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | MD | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 1 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | MA | 2022 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2023 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 1 | 2 | | MI | 2022 | 15 | 0 | 0 | 0 | 0 | 0 | 15 | | | 2023 | 15 | 0 | 0 | 0 | 0 | 0 | 15 | | | 2024 | 15 | 0 | 0 | 0 | 0 | 1 | 14 | | MN | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | | MS | 2022 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2023 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | NE | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | NV | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year | |---|---|---|---|---|---|---|---|---| | NJ | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | NM | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | NY | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | | | 2024 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | NC | 2022 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2023 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | | 2024 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | | OH | 2022 | 9 | 0 | 0 | 0 | 0 | 0 | 9 | | | 2023 | 9 | 0 | 0 | 0 | 0 | 0 | 9 | | | 2024 | 9 | 0 | 0 | 0 | 0 | 2 | 7 | | OR | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | PA | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | SC | 2022 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | | | 2023 | 6 | 0 | 0 | 0 | 0 | 1 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | TN | 2022 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2023 | 2 | 0 | 0 | 0 | 0 | 0 | 2 | | | 2024 | 2 | 0 | 0 | 0 | 0 | 1 | 1 | | TX | 2022 | 18 | 0 | 0 | 0 | 0 | 1 | 17 | | | 2023 | 17 | 0 | 0 | 0 | 0 | 0 | 17 | | | 2024 | 17 | 0 | 0 | 0 | 0 | 1 | 16 | | VA | 2022 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2023 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | | 2024 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | | WA | 2022 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2023 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | | | 2024 | 3 | 0 | 0 | 0 | 0 | 0 | 3 |
| State | Year | Outlets At Start Of Year | Outlets Opened | Termina- tions | Non- Renewals | Reacquired By Franchisor | Ceased Operations For Other Reasons | Outlets At End Of Year |
|---|
Source: Item 20 — Outlets and Franchisee Information (FDD pages 78–109)
What This Means (2025 FDD)
According to Annex Brands' 2025 Franchise Disclosure Document, there is data available regarding the number of outlets reacquired by the franchisor in Maryland during 2022, but the number varies based on which table is referenced. One table shows that zero Annex Brands' outlets were reacquired in Maryland during 2022. This table indicates that at the start of 2022, there were eight outlets, zero outlets opened, zero terminations, zero non-renewals, zero reacquired by the franchisor, zero ceased operations for other reasons, and eight outlets at the end of the year. Another table shows that zero Annex Brands' outlets were reacquired in Maryland during 2022. This table indicates that at the start of 2022, there were five outlets, zero outlets opened, zero terminations, zero non-renewals, zero reacquired by the franchisor, zero ceased operations for other reasons, and five outlets at the end of the year. Another table shows that zero Annex Brands' outlets were reacquired in Maryland during 2022. This table indicates that at the start of 2022, there were two outlets, zero outlets opened, zero terminations, zero non-renewals, zero reacquired by the franchisor, zero ceased operations for other reasons, and two outlets at the end of the year.
It is important to note that the FDD includes multiple tables showing franchise outlet data, and the numbers for Maryland in 2022 vary across these tables. This discrepancy could be due to different reporting methodologies, franchise brands included in each table, or other factors not explicitly detailed in the FDD.
A prospective franchisee should seek clarification from Annex Brands regarding these discrepancies to understand the accurate number of reacquired outlets in Maryland during 2022. Understanding the reasons behind any reacquisition is crucial for assessing the stability and performance of franchises in that area. This information can help a potential franchisee evaluate the risks and opportunities associated with investing in an Annex Brands franchise in Maryland.
It is also important to note that the FDD includes information on transfers of outlets from franchisees to new owners, but these transfers exclude those to the franchisor or an affiliate. This means that the tables provided focus on transfers to independent third parties, not reacquisitions by Annex Brands itself.