Fannie May Fine Chocolates in 62-store franchise deal

Carle Place, N.Y. -- announced Tuesday the signing of a 45-store franchise development agreement for its Fannie May Fine Chocolates division with GB Chocolates. The agreement calls for 45 new Fannie May franchise stores beginning in December 2011, with all open and operating by year-end 2014.

The first three stores under the agreement are slated to open in Minnesota in time for the Christmas holiday. The agreement provides exclusive development rights for several Midwestern states as well as specific cities in Florida and Ohio.

In addition to the development agreement, GB Chocolates has also acquired 17 existing Fannie May stores from the company. The stores are located in Illinois, Indiana, Wisconsin, Iowa and Michigan.

Financial terms were not released.

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