NYC's Magnolia Bakery plans expansion across the US

MarketsAssociated Press

A popular New York City bakery chain says it will expand across the entire United States by opening as many as 200 franchises over the next five years.

Magnolia Bakery Chief Executive Steve Abrams says the company plans to go into about 50 of the top markets in the country, with at least three locations in each. The Wall Street Journal reports Magnolia has not worked out financial details like franchising fees for potential partners as of yet.

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The privately-owned bakery, which started in 1996 at a spot in Greenwich Village, has grown to encompass six stores in New York, plus stores in Boston, Chicago and Los Angeles.

Abrams says Magnolia will continue to operate company-owned stores.

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Information from: The Wall Street Journal, http://www.wsj.com