The recession has not helped Spicy Pickle but under .20, it might be worth some due diligence.

Consider the fairly recent news:

"

Resilient Bread Garden chain set for
ambitious expansion
Franchisees for the 30-year-old brand to open six new outlets by July

Reprinted from March 10–16, 2009 Business in Vancouver
By Glen Korstrom

Six new restaurant openings in the next four months could make B.C.’s 30-year-old Bread Garden brand one of the more resilient casual restaurant chains ever founded in Vancouver.

Franchisees plan to open Bread Garden restaurants:

“We’re looking at 70% revenue growth this year,” said Bread Garden Urban Café president and CEO Zip Dhanani. “That’s not bad for a company in this economic climate.”

Dhanani, who sold Bread Garden franchise rights to Denver, Coloradobased Spicy Pickle Franchising Inc. for “several million dollars” in cash and shares on October 1, 2008, added that chain-wide gross sales jumped 20% to
$6 million in 2008.

Spicy Pickle, which trades on the loosely regulated OTCBB stock exchange, operates 42 other franchised and corporately owned restaurants.

Success at Bread Garden follows a troubled past. Spectra Group of Great Restaurants Inc. sold franchising rights for the Bread Garden brand and 14 restaurants to Dhanani and partner Raymond Croubalian’s BG Franchising Inc. for $1.4 million in 2004.

Spectra had wanted to shed the operation because it was losing $1 million annually.

Peter Bonner, who was then Spectra’s CEO, told Business in Vancouver last
week that he supported the sale because he believed franchising was a better
business model for the Bread Garden brand than was full corporate ownership,
which Spectra had done...."

Do consider two of those openings for Bread Garden: Vancouver Airport and Kamloops Airport. Openings scheduled for this summer, well ahead of the 2010 Winter Olympics. Both Airports being the Winter Olympics connections.

SPKL should gain back some of the lost lustre, imo. You be the judge.

go