As of December 31, 2023, how many licensed STK restaurants did Benihana have?

According to Benihana's 2024 Franchise Disclosure Document, as of December 31, 2023, Benihana operated five licensed STK restaurants. These restaurants are located in North America, Europe, and the Middle East.

Benihana utilizes a "capital light strategy" that involves expanding through a mix of owned, licensed, and managed restaurants. This approach requires less capital than expanding solely through owned restaurants. The company opened two licensed virtual Bao Yum locations in Denver, Colorado, in 2023 via a licensing agreement with REEF Kitchens; however, Benihana has since exited this agreement, and these venues are no longer operating.

Prospective franchisees should note that the company's financial performance includes revenues from these licensed locations. The FDD also indicates that locations with both an STK restaurant and an STK Rooftop are considered a single venue, with the STK Rooftop in San Diego, CA, being a licensed location. This detail is important for understanding how Benihana classifies and reports its various STK venues.