{{Short description|Canadian fast casual restaurant franchise}} {{Infobox company | logo = Freshii logo.svg | name = Freshii | type = Public | traded_as = | owner = | foundation = {{start date and age|2005|9}} (as Lettuce Eatery)<br>Toronto, Ontario, Canada | founder = Matthew Corrin | location = Toronto, Ontario, Canada | key_people = | industry = Fast casual dining | products = Burritos<br/>Salads<br/>Wraps<br/>Rice/Noodle Bowls<br/>Soups<br/>Frozen Yogurt | revenue = | profit = | operating_income = | num_employees = | parent = {{ubl|Foodtastic Inc. {{smaller|(2023–present)}}}} | homepage = {{url|https://freshii.com/}} }} thumb|Freshii in Markham, Ontario '''Freshii''' is a Canadian fast casual restaurant franchise that serves burritos, wraps, soups, salads, and frozen yogurt. Founded in 2005 by former CEO Matthew Corrin, it has expanded to over 100 locations in countries such as Canada, the United States, Colombia, Peru, Sweden, Austria, Switzerland, Ireland, and United Arab Emirates, with franchises under development in Germany, Guatemala, and Saudi Arabia.<ref>{{Cite web|url=https://www.freshii.com/|title=Freshii|website=www.freshii.com}}</ref>
As of the end of December 2021, the franchise has 343 stores in North America.<ref name=":2">{{Cite web |date=February 24, 2022 |title=Freshii Inc. 2021 Q4 MDA |url=https://s21.q4cdn.com/658797549/files/doc_financials/2021/q4/FRII_MDA.pdf}}</ref> Freshii does not disclose the number of stores located outside of North America in its financial reports but states that these stores represent a small portion of its overall revenues.<ref name=":2" />
On February 22, 2023, Freshii was sold to Foodtastic for $54.5 million.<ref>{{Cite web|url=https://www.restaurantbusinessonline.com/financing/freshii-completes-its-sale-foodtastic|title=Freshii completes its sale to Foodtastic|work=Restaurant Business|access-date=2023-08-26|language=en}}</ref>
==History== At the time he founded Freshii in Toronto in 2005,<ref>{{cite web|last=Eng|first=Dinah|title=Freshii's fresh take on fast food|url=https://money.cnn.com/2013/04/11/news/companies/freshii-matthew-corrin.pr.fortune/index.html|archive-url=https://web.archive.org/web/20130414072722/http://money.cnn.com/2013/04/11/news/companies/freshii-matthew-corrin.pr.fortune/index.html|url-status=dead|archive-date=April 14, 2013|publisher=Fortune|access-date=23 April 2013}}</ref> Matthew Corrin was working under fashion designer Oscar de la Renta when he became inspired by New York delis that offered fresh food.<ref name=":1">{{Cite web|url=https://www.freshii.com/ca/about|title=Freshii - About|website=www.freshii.com|access-date=2017-01-28}}</ref> Originally called "Lettuce Eatery", the store opened to large queues and ran out of food on the first day before the end of lunch.
In 2016, the company opened an average of 3.5 new stores per week and reached a total of 220 stores in 20 countries. Rapid expansion has also been seen in Latin America, with Colombia serving as the base of operations.
As of 2015, Freshii hopes to open from 13 to 20 restaurants in Chile over the next decade. Restaurants have also been opening in Mexico, Guatemala, Costa Rica and Panama. The Latin American locations all feature the same core menu as Freshii outlets in North America and Europe, but also add several local or domestic ingredients.
In 2017, the CBC reported that Freshii was failing to comply with an Ontario law which required posting calorie counts on chain restaurant menus.<ref>{{cite news |url=https://www.cbc.ca/news/health/freshii-calories-ontario-law-1.4100200 |last=Birak |first=Christine |title=Freshii food chain a holdout in posting calories on menu boards |date=May 8, 2017 |access-date=July 27, 2024 |work=CBC News}}</ref>
As of 2017, they're also planning on expanding into the UK market, as then Freshii CEO and founder Corrin said in a statement that the United Kingdom is underserved when it comes to healthy fast-casual food offerings and the company believes there is tremendous opportunity to grow the brand in the region.<ref>{{Cite news|url=https://www.thestar.com/business/2017/02/22/freshii-plans-expansion-to-uk.html|title=Freshii plans expansion to U.K.|work=The Toronto Star|access-date=2018-01-29|language=en-CA|issn=0319-0781}}</ref>
In 2016, the chain introduced meal boxes at most locations which include breakfast, lunch, dinner, and two snacks.<ref>{{Cite web|url=http://www.businessinsider.com/freshiis-lessons-from-mcdonalds-zara-2016-2?op=1|title=This up-and-coming restaurant chain studied McDonald's, Starbucks, and Chipotle to take them down|publisher=Business Insider|date=6 February 2016|last=Taylor|first=Kate}}</ref><ref>{{Cite web|url=http://www.restaurantbusinessonline.com/ideas/innovations/restaurants-get-meal-subscription-game|title=Restaurants get into the meal subscription game|date=27 April 2016|last=Nash|first=Kelsey}}</ref> The boxes are available in plans ranging from 1 to 30 days and focus on healthy eating.<ref>{{Cite web|url=http://austin.eater.com/2016/11/2/13501368/freshii-opening-mueller-fast-casual|title=Healthy Fast-Casual Freshii Finally Heads to Mueller|last=Leader Smith|first=Elizabeth|date=2 November 2016|website=Eater Austin}}</ref> In February 2019, Freshii announced plans to begin selling their pre-packaged meals inside of Walmart Canada stores.<ref>{{Cite news|url=https://www.ctvnews.ca/business/article/freshii-to-sell-food-in-grocery-stores-through-walmart-canada-partnership/|title=Freshii to sell food in grocery stores through Walmart Canada partnership|date=21 February 2019|work=CTV News|access-date=21 February 2019}}</ref>
In April 2022, it was reported that Freshii had begun to trial the outsourcing of cashiers via telework, using video conferencing systems branded as "Percy". The "virtual cashiers" are outsourced to workers in Central American countries such as Nicaragua; the company stated that the system was intended to help address job shortages related to the COVID-19 pandemic.
The Canadian Labour Congress criticized Freshii for exploiting workers in countries with a lower minimum wage compared to Canada's (with its "virtual cashiers" reportedly being paid around US$3.75 per-hour), and eliminating positions that student workers previously took.<ref>{{cite web |last1=Campbell |first1=Morganne |date=27 April 2022 |title=Freshii introduces 'Percy' virtual cashier, outsourcing jobs to Central America |url=https://globalnews.ca/news/8791036/freshii-percy-virtual-cashier-job-outsourcing/ |url-status=live |archive-url=https://web.archive.org/web/20220428080632/https://globalnews.ca/news/8791036/freshii-percy-virtual-cashier-job-outsourcing/ |archive-date=28 April 2022 |access-date=29 April 2022 |publisher=Global News}}</ref>
In May 2022, Corrin stepped down as CEO of Freshii to focus on Percy,<ref>{{Cite web |date=2022-07-08 |title=Freshii's 'virtual cashiers' make $3.75 an hour and have been called 'outrageous' — now the chain's founder wants to go global |url=https://www.thestar.com/business/2022/07/08/percy-the-virtual-cashier-founders-shrug-off-critics-and-plan-to-grow-start-up-into-a-multinational-company.html |access-date=2022-07-08 |website=Toronto Star |language=en}}</ref> being replaced by Chief Financial Officer Daniel Haroun.<ref>{{Cite web |title=Freshii Inc. - Corporate Governance - Board of Directors - Person Details |url=https://freshii.inc/corporate-governance/board-of-directors/person-details/default.aspx?ItemId=12e98a36-1c5e-4c40-9602-9b29fb11f873 |access-date=2022-11-24 |website=freshii.inc}}</ref> On November 10, following the release of its third quarter 2022 financial results, Freshii's stock hit an all-time low of $0.91 CDN per share, representing a decline of over 90% since the stock first started publicly trading in February 2017.<ref>{{Cite web |date=November 16, 2022 |title=FRII |url=https://www.google.com/finance/quote/FRII:TSE?sa=X&ved=2ahUKEwibnfeG67L7AhUX-TgGHR3-Bd8Q3ecFegQIIhAg&window=MAX |access-date=November 16, 2022 |website=Google Finance}}</ref>
On December 19, 2022, Montreal-based franchisor Foodtastic Inc. signed a deal to buy the company for $74.4 million.<ref>{{Cite web |last= |first= |date=2022-12-19 |title=Freshii to be Acquired by Foodtastic Inc. |url=https://www.globenewswire.com/en/news-release/2022/12/19/2576165/0/en/Freshii-to-be-Acquired-by-Foodtastic-Inc.html |access-date=2023-01-27 |website=Cision Newswire |language=en}}</ref> On February 22, 2023, Foodtastic completed its acquisition of Freshii at $2.30 per share.<ref>{{Cite web |last= |date=2023-02-22 |title=Foodtastic Announces the Completion of the Acquisition of Freshii |url=https://www.newswire.ca/news-releases/foodtastic-announces-the-completion-of-the-acquisition-of-freshii-810014649.html |access-date=2023-03-11 |website=Cision Newswire |language=en}}</ref>
==Philanthropy== Freshii is an active supporter of many local organizations where they have operating locations. Freshii was an active supporter of WE Charity and meals were donated to children in need when certain meals were purchased by customers.<ref name=":0">{{Cite web |last=Record |first=The |title=Freshii goes public with ambitious growth plan |url=https://nationalpost.com/short+term+solutions+minimum+wage+hike+could+hurt+businesses+freshii+founder/16854279/story.html |access-date=2017-02-05 |website=www.therecord.com }}{{dead link|date=October 2025|bot=medic}}{{cbignore|bot=medic}}</ref> Following a political scandal and due to the financial impacts of the COVID-19 pandemic, WE Charity announced it was ceasing operations in late 2020.<ref>{{Cite web |title=WE Charity closing operations in Canada, Kielburger brothers to step down - National {{!}} Globalnews.ca |url=https://globalnews.ca/news/7324897/we-charity-close-operations-canada/ |access-date=2022-11-16 |website=Global News |language=en-US}}</ref>
==See also== *List of Canadian restaurant chains
==References== {{Reflist}}
==External links{{Anchor|External ;inks}}== * [https://freshii.com/ Official website]
Category:Restaurant chains in Canada Category:Restaurant chains in the United States Category:Fast casual restaurants Category:Fast-food franchises Category:Companies formerly listed on the Toronto Stock Exchange Category:Companies based in Toronto Category:2005 establishments in Ontario Category:2017 initial public offerings Category:2023 mergers and acquisitions