How many franchised Ledgers outlets were operating at the start of 2023?

According to Ledgers's 2025 Franchise Disclosure Document, there were 8 franchised outlets operating at the start of 2023. This information is derived from the Systemwide Outlet Summary table, which provides a year-by-year breakdown of the number of franchised Ledgers locations. The table also shows that the number of franchised outlets decreased from 8 at the beginning of 2023 to 4 by the end of the year, representing a net decrease of 4 units.

This decrease in franchised outlets during 2023 could be due to several factors, such as closures, terminations, or non-renewals of franchise agreements. A prospective franchisee should investigate the reasons behind this decrease to better understand the health and stability of the Ledgers franchise system. Understanding the causes of outlet closures can provide valuable insights into potential challenges and risks associated with operating a Ledgers franchise.

It is important to note that while the Systemwide Outlet Summary provides an overview of the total number of franchised outlets, another table in Item 20 provides a state-by-state breakdown of outlet activity. This table shows the number of outlets at the start of the year, outlets opened, terminations, non-renewals, re acquisitions by the franchisor, ceased operations for other reasons, and the number of outlets at the end of the year for each state. Reviewing both tables can provide a more comprehensive understanding of the Ledgers franchise system's performance and trends.

Overall, the information presented in Item 20 offers valuable insights into the historical performance and current status of the Ledgers franchise system. Prospective franchisees should carefully analyze this information, along with other sections of the FDD, to make an informed decision about whether to invest in a Ledgers franchise.