MarketWatch:
1-800-FLOWERS.COM, Inc. today announced the signing of a 45-store franchise development agreement for its Fannie May Fine Chocolates division with GB Chocolates, LLC. Under terms of the agreement, GB Chocolates will open a minimum of 45 new Fannie May franchise stores beginning in December 2011. All stores under the agreement are required to be opened and operating by year-end 2014. The first three stores under the agreement are scheduled to open in Minnesota in time for the Christmas holiday. The agreement provides exclusive development rights for several Midwestern states as well as specific cities in Florida and Ohio.
In addition to the development agreement, GB Chocolates has also acquired 17 existing Fannie May stores from the Company. The stores are located in Illinois, Indiana, Wisconsin, Iowa and Michigan. Financial terms were not released.