Which Fat Shack restaurants are included in the company-owned outlets data?

According to Fat Shack's 2025 Franchise Disclosure Document, the company-owned outlet data includes restaurants owned by specific current and former affiliates. These affiliates are FS Aurora, FSOC Boulder, FSOC Fort Collins, FSOC Greeley, FSOC Loveland, and FS Lincoln Park. This information is relevant when reviewing the performance and changes in company-owned outlets as reported in Item 20, as these specific locations are the ones being tracked.

Prospective franchisees should note that the performance of these company-owned locations may not be directly comparable to franchised locations due to differences in management, investment, or local market conditions. Understanding which outlets are included in the company-owned data allows for a more precise analysis of the franchisor's direct operations.

It is important for potential franchisees to consider this context when evaluating the data presented in Item 20, particularly when assessing the overall health and growth of the Fat Shack system. Reviewing the performance of both franchised and company-owned locations can provide a more comprehensive understanding of the franchise opportunity.