Are you familiar with the Philly Pretzel Factory franchise? Please share a comment – positive or negative – below.
(UnhappyFranchisee.Com) According to the Coleman Report, the default rate for Philly Soft Pretzel Factory SBA-backed franchise loans is 28%.
That’s high enough to earn Philly Soft Pretzel Factory a spot in our Worst Franchises by SBA Loan Default Rate (2014) list.
Why do Philly Pretzel Factory franchisees default on their SBA loans at such a disturbing rate? Please share your thoughts below.
The Philly Soft Pretzel Factory franchise website boast solid growth as a selling point, stating:
“Since our first franchise opened nearly 20 years ago, in-stores sales have continued to grow. In fact, 45% of franchise owners own multiple stores.”
Another claim is that Philly Soft Pretzel Factory operations is simple: “We offer fresh ‘hot outta the oven’ pretzels and a few other products such as pretzel dogs, pretzel cheeseteaks, peperoni melts, and cinnamon pretzel twists. We make it as easy as possible to run our system, so we we keep our product line limited.”
It boasts the solid support system of the Philly Soft Pretzel Factory: “We focus on providing unmatched franchise support through our Franchise Support Managers who work with you to maintain operation efficiency and build sales through store visits and consistent communication.”
According to Entrepreneur magazine, the Philly Soft Pretzel Factory franchise chain has grown from 110 U.S. locations in 2011 to 129 locations in 2014.
Why, then, does Philly Soft Pretzel Factory have one of the highest SBA loan default rates in the nation?
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