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.