What is the definition of 'Armored Car Service' in the context of Potbelly Sandwich Works?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
Section 6.06 Cash Services. Seller and/or one or more of its Affiliates is currently a party to an agreement with Garda CL Great Lakes, Inc. and/or one or more of its Affiliates (the "Armored Car Service") pursuant to which the Armored Car Service provides certain cash collection services with respect to the Shops (such agreement, the "Cash Services Agreement"). At or prior to the Closing and effective as of the Effective Time, Purchaser shall enter into such agreements and provide such other documentation as may be reasonably requested or required by the Armored Car Service in order for Purchaser to assume Seller's and/or its Affiliates' rights and obligations arising from and after the Effective Time under such Cash Services Agreement, in each case to the extent related to the Shops. If Purchaser fails to assume such rights and obligations, Purchaser shall reimburse Seller for the costs and fees charged for the termination of the Cash Services Agreement between Seller and the Armored Car Service with respect to the Shops.
Source: Item 23 — RECEIPTS (FDD pages 79–355)
What This Means (2025 FDD)
According to the 2025 FDD, 'Armored Car Service' refers to an agreement between Potbelly Sandwich Works (or its affiliates) and Garda CL Great Lakes, Inc. (or its affiliates). Under this agreement, Garda CL Great Lakes provides cash collection services for Potbelly Sandwich Works shops.
As a prospective franchisee, you may be required to assume the rights and obligations of Potbelly Sandwich Works under this Cash Services Agreement. This means you would need to enter into agreements and provide documentation as required by the Armored Car Service to continue the cash collection services at your Potbelly Sandwich Works location.
If you, as the purchaser, fail to assume these rights and obligations, you may be responsible for reimbursing Potbelly Sandwich Works for any costs and fees associated with terminating the Cash Services Agreement for your shop. This highlights the importance of understanding and potentially taking over existing service agreements to avoid additional expenses when acquiring a Potbelly Sandwich Works franchise.