Does the Pearce Bespoke FDD describe any required actions related to Nathan Pearce's bankruptcy?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
In re Pearce, Case No. 17-50881 (U.S. Bankruptcy Court for the Southern District of Mississippi, October 2, 2017). Our Chief Executive Officer, Nathan Pearce, personally filed a bankruptcy petition under Chapter 7 of the U.S. Bankruptcy Code on May 3, 2017. The bankruptcy court entered a discharge in October 2017.
Other than what has been disclosed above, no bankruptcy information is required to be disclosed in this Item.
Source: Item 4 — BANKRUPTCY (FDD page 9)
What This Means (2025 FDD)
According to the 2025 Pearce Bespoke Franchise Disclosure Document, Item 4 addresses the bankruptcy of Nathan Pearce, the Chief Executive Officer. It states that Mr. Pearce filed a personal bankruptcy petition under Chapter 7 of the U.S. Bankruptcy Code on May 3, 2017. The bankruptcy court discharged the bankruptcy in October 2017.
Beyond disclosing these facts, the FDD does not specify any required actions or ongoing obligations for prospective franchisees related to Nathan Pearce's past bankruptcy. The disclosure serves to inform potential franchisees of the CEO's financial history, which is a standard practice in franchising to ensure transparency.
Prospective franchisees should consider this information as part of their due diligence. While the FDD doesn't outline specific actions, a franchisee might want to inquire further about the bankruptcy's potential impact on the franchise's financial stability or management decisions. This information allows potential franchisees to make a more informed decision about investing in a Pearce Bespoke franchise.