Giggles N’ Hugs Signs LOI to Open Its First International Franchise Locations in Bahrain
Los Angeles, May 31, 2017 (GLOBE NEWSWIRE) -- Giggles N’ Hugs, Inc. (GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, signed a non binding Letter of Intent (LOI) with City Scape trading (franchisee), a Bahrain-based hospitality company, to open up to two (2) Giggles N’ Hugs franchise locations in Bahrain with additional locations to come if successful.
Under the terms of the master license agreement, which we expect to finalize in the next few weeks upon standard closing procedure’s, Giggles N’ Hugs will receive up-front development fees for each location, as well as an ongoing royalty based on a percentage of monthly gross sales.
“This is among the biggest and most exciting news we have had to date and we expect this to be just the beginning of our expansion efforts,” commented Joey Parsi, CEO of Giggles N’ Hugs. “While working diligently on our funding needs, we are also aggressively seeking to expand our company owned and franchising initiatives, not just here in the USA, but as evident from this deal, internationally as well.”
Over the years, Giggles N’ Hugs has received multiple inquiries from interested parties globally for multiunit master licenses and franchises. The company is now set to begin discussions with these parties for future locations.
With the recent signing of celebrity brand ambassadors Jillian Michaels and Tia Mowry-Hardict, the company is ideally positioned to build momentum for its expansion. In partnership with DomainLA, a leading marketing and brand development agency led by Michelle Steinberg, Giggles N’ Hugs expects its brand ambassadors and CEO to be interviewed on national and local news, talk shows, business programs, and entertainment shows, creating significant visibility for the brand in the coming months.
Philip Gay, Chief Business Development Officer of Giggles N’ Hugs, and John Kaufman, President of Giggles N Hugs, will play key roles in the development of the company’s franchise operations and expansion plans. Previously, Gay and Kaufman held senior leadership positions with several highly successful franchising enterprises, including California Pizza Kitchen where both Mr kaufman and Mr. Gay worked together side by side as COO and CFO respectively, and at Wolfgang Puck Foods where Mr. Gay served as CFO, ultimately becoming its CEO.
“Given that we are one of the most unique restaurant concepts in the market with many revenue drivers, including licensing and merchandising opportunities, as well as an experienced management team in place, with multiple inquiries for franchises from around the world, celebrity partners and customers, and our relationships with some of the largest mall owners in America agreeing to provide us significant up-front cash in the form of tenant allowances, and now with this first LOI for a international master license, we expect to take the company to the next level of growth and expand throughout the country and the world”, concluded Parsi.