Calgary-based Cinnaroll Bakeries Ltd. predicts sales will more than double next year thanks to deals to open a string of bakeries across the United States and in the Middle East.
The privately owned company said Tuesday it has signed agreements to open 50 new bakeries in major shopping malls across the U.S. including a string of stores in southern California and Texas. The company moved into the U.S. market earlier this year with a six-bakery deal in Florida.
Cinnaroll will also open 35 other bakeries in 11 countries in the Middle East. Sales are expected to jump from an anticipated $15 million this year to about $40 million, said Barry Wolton, Cinnaroll's vice-president of corporate development.
“We are thrilled with the quality and dedication of our new franchise partners. Cinnzeo is committed to securing the highest quality shopping malls and franchise partners to achieve our global growth strategy,” he said.
The expansion plans will make Cinnaroll the world’s second largest cinnamon bun franchise next to Atlanta, Ga.-based Cinnabon, the company said.
The company now has 28 bakeries operating under the name Cinnzeo in Canada and the Philippines. Further expansion plans are in the works in Canada, the U.S., southeast Asia and the Middle East, the company said.
