When must a Closet Storage Concepts franchisee submit weekly revenue reports?

According to Closet Storage Concepts's 2025 Franchise Disclosure Document, franchisees are required to submit weekly revenue reports to the franchisor. These reports, detailing the franchisee's Gross Revenue for the week, must be submitted on or before the close of business on Monday of each week. The reports must be signed by the franchisee or their designated manager and include all sales generated during the previous week, whether from the approved location or otherwise. These reports must be complete and filed timely. The royalty calculations are based on these weekly reports.

Closet Storage Concepts requires franchisees to participate in an electronic funds transfer program for royalty payments. The weekly royalty and other payments are automatically deducted from the franchisee's bank account. These deductions typically occur on Monday of each week, based on the receipts from the preceding week. However, the franchisor retains the right to mandate a different day for these deductions.

If a Closet Storage Concepts franchisee fails to submit the weekly revenue report on time, the franchisor has the right to estimate the gross revenues and withdraw the estimated amount due from the franchisee's operating account. This amount will be reconciled once the required reports are eventually received. This highlights the importance of timely and accurate reporting to avoid estimated withdrawals and ensure correct royalty payments.

Furthermore, if the franchisee's bank account lacks sufficient funds to cover the amounts due, Closet Storage Concepts is entitled to debit the account for the overdue amount, along with interest and any fees to cover bank charges and administrative costs. This underscores the need for franchisees to maintain adequate funds in their accounts to meet their financial obligations to the franchisor.