Spicy Pickle Franchising Inc. has more than 50 new restaurants in the works across the United States, including in New York and Chicago.
The Denver company outlined its development efforts in a filing with the Securities and Exchange Commission Monday. The Spicy Pickle restaurant chain said it has sold several franchises outside the Rocky Mountains and expects those locations to open in the next 18 months. A dozen sites are planned in San Diego, for example, and 10 are being considered in Indianapolis.
The company has 23 restaurants already open.
Spicy Pickle said franchise fees and royalties increased in the first quarter by 202 percent, to $221,643, because more franchises were sold and more restaurants were opened. The company said it recognizes initial franchisee fees typically when a restaurant opens.
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