Paninis In The Windy City – Spicy Pickle, Inc (SPKL.OB) Expands

Move over deep dish pizza, there’s a new flavor coming to the windy city. Chicago residents have already been introduced to the Spicy Pickle’s (OTCBB: SPKL) food, now that the city’s first Spicy Pickle restaurant is up and running there. Per today’s press release though, a new franchisee wants to open five more throughout the greater Chicago area. Add ’em to the growing list of Spicy Pickles now open or on the way. 

As excited as we are for Chicagoans’ taste buds (as we’ve said repeatedly, go try the food), we’re even more excited about this latest layer of expansion. The grand total of current or future restaurants now comes to 110… 33 open, and 77 more already signed for. 

I’ll ask the same rhetorical questions I’ve been asking…(1) why are these franchisees signing for multiple locations before they even get the first one opened? And (2), how does a restaurant franchise system go from 26 stores to 33 stores in 15 weeks, and also have 77 more on the way for 2008? 

The question may be rhetorical, but my answer isn’t – I think the company’s in high gear. The full press release is at the bottom of today’s newsletter.

So how’s the stock doing in the meantime? Take a look at the nearby chart. Seems to be on hold, as it has been for a few days. All things considered, that’s just fine – the market has taken a couple of beatings that SPKL seemed to be able to withstand. As long as it holds its ground now, I think it should stay in a good position to lead when the environment improves. 

As it turns out, the $1.30 level has emerged as a support area. The $1.10 has also turned out to be an important line in the sand, though I hope we don’t have to prove it again.