Franchise portal Blue Mau Mau reports that franchisor Mrs. Fields Brands has decided to let its state franchise registrations lapse, and to halt franchise sales until it completes its financial restructuring:
As of March Mrs. Fields Brands has elected to not renew its franchise registration. And with a lapse in registration by the company, registration states will not allow Mrs. Fields to solicit or sell a franchises until a new registration is complete.
The company already has disclosure documents in the new format that the federal government will require beginning July 1. “These are sitting on my office shelf waiting to be submitted,” states Ward.
Ward declares. “For whatever good it is, this was a well thought out plan that the company is executing against.” He continues, “The Company voluntarily chose when state registrations expired not to re-register and to halt franchising until the refinancing issue is settled. There’s no question that we will be back out there in the market sometime this year. We will have good clean financials and operating structures in the market this year.”
“This is a plan we have been executing against for some time,” emphasizes Ward. “This will be a stronger, more focused company when this deal is completed.”
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Photo credit: J. Good. License: Creative Commons. Closed Mrs. Fields store in Summit Place Mall, MI