Papa Murphy's Holdings, Inc. (Papa Murphy’s), together with its subsidiaries, is a franchisor and operator of the Take ‘N’ Bake pizza chain. The Company franchises the right to operate Take ‘N’ Bake pizza franchises and operates Take ‘N’ Bake pizza stores owned by Papa Murphy’s. The Company has approximately 1,400 stores across the United States, and more than 20 franchised stores in Canada and the United Arab Emirates. The Company operates through three business segments: Domestic Franchise, Domestic Company Stores and International. Domestic Franchise segment consists of its domestic franchise stores, which represent the majority of system-wide stores. Domestic Company Stores segment consists of company-owned stores in the United States. International segment consists of its stores outside of the United States, all of which are franchise stores. Papa Murphy’s wholly-owned subsidiaries include PMI Holdings Inc. and Papa Murphy's Company Stores, Inc.