Papa John's Will Sign 200 Franchise Agreements in North America This Year
New restaurants expected to create more than 5,000 jobs
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John's International, Inc. (NAS: PZZA) announced today that it will sign more than 200 North American franchise agreements in 2012. These franchisees, nearly half of whom represent individuals who are opening their first Papa John's restaurant, expect to create more than 5,000 new jobs over the next three years.
"We are in the business of opening more restaurants and creating more jobs that continue to stimulate the economy," said John Schnatter, Founder, Chairman and Chief Executive Officer. "Nearly 50 percent of the new agreements signed represent individuals who are opening their first Papa John's small business franchise. With the average Papa John's franchisee owning three to five restaurants, we are proud to be doing our part as a brand to keep the economic engine running for small business owners."
Today's announcement comes less than three months after the company communicated continuation of its industry-leading Papa John's Franchise Development Incentive Program. The program offers zero franchise fee, 0% royalty for 18 months and $50,000 in restaurant equipment for new restaurants opened through 2013. In 2012, restaurant openings under this program created approximately 3,000 jobs in North America.
Under the company's 2013 Development Incentive Program, franchisees signing development agreements in the U.S. now through 2013 under this program can receive:
No franchise fee ($25,000 value);
$50,000 in equipment, including two Middleby-Marshall ovens, which may be purchased by the franchisee for $50 after operating for three years;
A royalty waiver for up to 18 months; and
A $3,000 food credit with PJ Food Service, which operates Papa John's fresh dough and food distribution quality control centers, for each restaurant that opens at least 30 days prior to the scheduled opening date.
The program is generally available for new U.S. unit development agreements signed by qualifying franchisees through Nov. 30, 2013, for new restaurant openings on or before Dec. 29, 2013. The incentives are subject to the complete rules and eligibility requirements of the program at the time of signing a development agreement. Full program details are available upon completion and review of a Franchise Application accessible at www.papajohns.com.
Headquartered in Louisville, Kentucky, Papa John's International, Inc. (NAS: PZZA) is the world's third largest pizza company. For 11 of the past 13 years, consumers have rated Papa John's No. 1 in customer satisfaction among all national pizza chains in the American Customer Satisfaction Index (ACSI). Papa John's also earned the 2012 Harris Poll EquiTrend® Pizza Brand of the Year. Papa John's is the Official Pizza Sponsor of the National Football League and Super Bowl XLVII. For more information about the company or to order pizza online, visit Papa John's at www.papajohns.com.
Papa John's International, Inc.
Darryl Carr, 502-261-4318
Director, Corporate Communications
KEYWORDS: United States North America Kentucky
The article Papa John's Will Sign 200 Franchise Agreements in North America This Year originally appeared on Fool.com.
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