Papa John's Announces 2010 Development Incentive Program
Program Offers Zero Franchise Fee, Reduced Royalty Rate for First Year and Covers Cost of Pizza Ovens for New Restaurants Opened in 2010
LOUISVILLE, Ky. (BUSINESS WIRE) -- Papa John's has made it easier for both new and existing franchisees to expand the "Better Ingredients, Better Pizza" brand throughout the U.S. with the announcement today of an unprecedented U.S. Development Incentive Program. For qualifying restaurants opened in 2010, this best-in-class program features:
- No franchise fee ($25,000 value);
- Two Middleby-Marshall ovens, which may be purchased by the franchisee for $50 after operating for two years (a range in value of $20,000 - $30,000); and
- A reduced royalty rate for the first 12 months for on-time restaurant openings, including a 0% royalty rate for restaurants opened by June 2010.
"Given the continued uncertainty in the economy, we are excited to offer this program to help both existing and potential new franchisees grow within the Papa John's family," said Jude Thompson, Papa John's President and Chief Operating Officer. "We definitely are in a growth mode, and believe the program will help franchisees offer our 'Better Ingredients, Better Pizza' to more consumers throughout the country."
The program is generally available for new U.S. unit development agreements signed by qualifying franchisees through November 2010, for new restaurant openings in 2010. The incentives are subject to the complete rules and eligibility requirements of the program at the time of signing a development agreement, available from the company.
Headquartered in Louisville, Kentucky, Papa John's International, Inc. (NASDAQ: PZZA) is the world's third largest pizza company. For nine of the last 10 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 ranks first among pizza companies in the 2008 Brand Keys Customer Loyalty Engagement Index, was honored by Restaurants & Institutions Magazine (R&I) with the 2008 Silver Award for Consumers' Choice in Chains in the pizza segment, and was named 2007 Pizza Today Chain of the Year.
SOURCE: Papa John's International, Inc.