GOLDEN, Colo. — Good Times Drive Thru Inc. has entered into an agreement for the development of up to 25 Good Times Burgers & Frozen Custard restaurants in the Midwest with a group of investors led by a member of its board of directors, the company announced.
The development agreement provides for the initial development of up to 10 restaurants with an option to develop an additional 15 restaurants exercisable over the next five years. The development area for the initial 10 restaurants is in the Omaha, Neb., and Des Moines, Iowa, markets.
"This is a great opportunity for us to move outside the Colorado market in a way that allows us to reach critical mass for media advertising support and operational efficiencies very quickly," said Boyd Hoback, president and CEO.
The company plans to focus its intended expansion on markets in Nebraska, Iowa, Missouri, Kansas, South Dakota, Illinois and other Midwestern markets on a market-by-market basis with a combination of developer-owned, franchised and company-owned restaurants, according to a news release.
