Industry News | April 2, 2002

Good Times Announces Colorado Expansion Plans

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Good Times Restaurants, Inc., announced plans to develop up to 22 additional restaurants in Colorado over the next three years, an increase of 65 percent over its current base of 34 restaurants in Colorado. The company anticipates the expansion will be equally split between the Denver metro area and the Colorado Springs and Pueblo area and will be a combination of franchised and company-owned stores.

"The results of our recent brand repositioning is driving increased sales, profitability, and store-level return on investment so that we can accelerate our expansion of new stores," said Boyd Hoback, president and CEO. "It is opening new financing doors and attracting the interest of highly qualified franchise operators. Colorado Springs is a great market for us, and we're excited about extending Good Times' presence there.''

Hoback added, "This gives us a three-tiered growth strategy for the next few years consisting of continued same-store sales growth with increasing media presence, margin improvement driven by operating and overhead efficiencies, and increasing the number of stores by over 65 percent.''

Hoback reported that the company has four new locations under contract and is negotiating on several more. He added, "Our only limitation to the pace of expansion will be the availability of acceptable real estate. However, with our goal of over $1 million average store sales on new locations, we can afford to compete for prime retail locations.''