July 11, 2012
Wing Zone, the Atlanta-based chicken wing franchise, has a shockingly high SBA loan default rate of 65%.
Are you familiar with the Wing Zone franchise opportunity? Please share a comment below.
That means that Wing Zone franchise owners, some of whom may have collateralized their franchise loan with their house or other personal assets, were unable to repay their loans 65% of the time despite having a very serious incentive to do so.
The Wing Zone Franchise has a failure rate of 65% for SBA-backed franchise loans
Another red flag is the fact that Entrepreneur data indicates that Wing Zone domestic franchises have been closing and the Wing Zone network has been shrinking at a concerning rate.
In 2008, there were 90 Wing Zone franchises in the U.S. according to Entrepreneur. By 2012, according to stores listed on the company website, that number has shrunk to 54, a decline of 36 franchises or 40% of the total number of operational U.S. Wing Zone franchises.
Are you familiar with the Wing Zone franchise opportunity?
What do you think accounts for the SBA loan failure rate of Wing Zone franchise owners?
What steps should Wing Zone be taking to stop further franchise failures?
Please share a comment, opinion or insight below.
ARE YOU A WING ZONE FRANCHISE OWNER OR FORMER FRANCHISEE? ARE YOU FAMILIAR WITH THE WING ZONE FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
Tags: Wing Zone, Wing Zone franchise, Wing Zone complaints, Chicken wing franchise, food franchise, restaurant franchise, wings franchise, franchise failure rate, worst franchise, sba failure rates, SBA franchise loans, franchise information, unhappy franchisee