Business
Hollywood Star Cuts Expands Through Strategic Agreement With Utah Based Haircare Franchise Group
Hollywood Star Cuts Expands Through Strategic Agreement With Utah Based Haircare Franchise Group.
About this update from All American Gold Corp.
[{"type":"text","content":"\n LAS VEGAS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- All American Gold Corp. (OTC: AAGC) is very excited to update the public about AAGC’s agreement with an existing Hair-Care Franchise group to join the Hollywood Star Cuts family. On August 5th, 2024, Hollywood Star Cuts entered into an agreement with a Utah based group that currently owns and operates twelve (12) full-service family hair salons. These salons are presently being operated under a multi-national franchise brand name. Representatives of the Utah group spent the weekend in Boise Idaho touring the Hollywood Star Cuts facilities and gaining a complete understanding of the HSC business model and franchise opportunity. The Utah based organization currently operates three (3) locations in Northern Nevada including Reno and Carson City. They own and operate two (2) locations in Southern Utah including St. George. The remainder of the locations are concentrated in the Greater Salt Lake City area including Ogden and Provo. The agreements with the group’s current franchisor begin to expire late September 2024. The agreement is as follows: Hollywood Star Cuts will purchase 1 location in St. George Utah in October 2024, converting the location to conform with the Hollywood Star Cuts model consisting of Hair and Beauty Care along with Tanning Services. Five (5) locations in the Greater Salt Lake City area will begin the transformation to Hollywood Star Cuts in October 2024 with tanning services added. The remaining six (6) locations will be converted to Hollywood Star Cuts from November 2024 through March 2025 as their current individual franchise agreements expire. All locations will adopt the successful HSC model of both Haircare and Tanning facilities. The initial agreement will extend for a period no less than five (5) years with the option to renew for five (5) more years. Under this agreement, the Utah group will secure the first right of refusal for all subsequent Hollywood Star Cuts to be developed in the State of Utah and the area of Reno Nevada. Financial Impact: The Utah Group’s salons generated roughly $1,675,00.00 in 2023 with a projected 20% increase for 2024. The Utah based salons are currently profitable. Combined with Hollywood Star Cuts’ current operations, total projected revenue for 2024 is roughly $5,000,000.00 bringing the total nu...