A look back at 8 major franchisee bankruptcies in 2023

Burger King, Popeyes, McDonald’s and more saw multi-unit operators go belly-up due to struggles with inflation, low traffic and rising costs.

By Aneurin Canham-Clyne • Dec. 1, 2023

Toast’s growth slows

The restaurant fintech noticed “a modest slowdown” in same-store sales in the latter half of Q3 that continued into October, the company’s CFO said Tuesday.

By Caitlin Mullen • Nov. 8, 2023

Denny’s franchisee files for bankruptcy

Denn-Ohio reported negative net income of $1.3 million in 2022 after struggling with rising labor, food and delivery costs for two years. 

By Julie Littman • Nov. 3, 2023

TCBY, Mrs. Fields franchisor acquired by Pearl Street Equity

The purchase of the brands, for an undisclosed sum, is intended to “take [their] franchisee support to the next level.”

By Aneurin Canham-Clyne • Oct. 26, 2023

Pret A Manger enters joint venture with franchisee to extend US growth

Existing franchisee Dallas International will take control of 50 units across the Northeast and develop 10 more on the East Coast by 2026.

By Julie Littman • Oct. 20, 2023

Krispy Kreme mulls sale of Insomnia Cookies

As the doughnut chain pursues capital-light growth and partnerships in the QSR space, its may part with Insomnia to refocus on core products. 

By Aneurin Canham-Clyne • Oct. 3, 2023

Burger King buys 32 franchisee units at bankruptcy auction

The chain bought the units, which are in Montana, Utah and Wyoming, from a sale of Meridian Restaurants Unlimited locations.

By Aneurin Canham-Clyne • Sept. 28, 2023

Pinstripes hires CFO, CMO as it prepares public debut

Tony Querciagrossa and Shannon Keller join the brand as CFO and CMO, respectively, as the 14-unit chain gears up for significant growth.

By Julie Littman • Sept. 27, 2023

McDonald’s will raise royalty rate on new US restaurants by 25%

The fee change increases operator royalty rates from 4% to 5%, but most of the Golden Arches’ franchising revenue will still come from rent, CNBC reports. 

By Aneurin Canham-Clyne • Sept. 22, 2023

What Roark deal means for Subway franchisees

Under its new owner, the sandwich chain could see more rapid expansion, but operators may still be challenged by low store-level profitability.

By Julie Littman • Aug. 31, 2023

Subway to be acquired by Roark Capital

After a monthslong sales process, Roark emerged as the winning bidder with a reported purchase price over $9 billion. 

By Julie Littman • Aug. 24, 2023

Panera Brands hires CFO as IPO prep continues

Paul Carbone, who helped lead Dunkin’ and Yeti’s IPOs, took over the role on Tuesday.

By Aneurin Canham-Clyne • Aug. 15, 2023

Qdoba wants to double unit count to 1,500 in a decade

The chain is selectively refranchising corporate units to support its growth, while rival Chipotle is scaling through company-owned units alone. 

By Aneurin Canham-Clyne • Aug. 10, 2023

Chipotle wants to improve speed with grills, robots

The fast casual chain is trialing automated kitchen equipment that can trim prep time in half, in some cases, as it looks to improve accuracy and throughput.

By Julie Littman • July 28, 2023

Just Eat Takeaway CEO: Grubhub sale attempt has been ‘complicated’

Conversations with potential buyers have proven difficult due to the impact of existing fee caps, especially in New York City.

By Julie Littman • July 27, 2023

Boston Market sued by US Foods for $11M in unpaid bills

The food distributor joins a growing list of vendors, landlords and employees that have sued the chain over missed payments within the last few months.

By Julie Littman • July 26, 2023

Domino’s hopes Uber Eats delivery deal will boost sales by 2024

Pinpoint Delivery and the aggregator partnership will help the chain's U.S. delivery same-store sales, which declined again in Q2, to increase in the near future.

By Julie Littman • July 24, 2023

Bankrupt Hardee’s operator sells 81 restaurants to High Bluff Capital

The sale will make High Bluff one of CKE’s major franchisees, with a portfolio concentrated in the Great Plains and the Deep South.

By Aneurin Canham-Clyne • July 18, 2023

The biggest restaurant IPO news of H1 2023

Cava defied analyst expectations with its $318 million IPO in June, followed by Gen Restaurant Group’s $43 million public debut. Now, H2 could see Panera Brands and Pinstripes go public.

By Julie Littman • July 5, 2023

Gen Restaurant Group raises over $43M with IPO

The casual chain began trading Wednesday with its initial public offering priced at $12 per share, almost two weeks after Cava Group’s successful IPO.

By Julie Littman • June 29, 2023

Everytable raises $25M to support expansion

The company will use its latest funding round to grow its stores, which provide affordable meals to underserved communities in California and New York City. 

By Julie Littman • June 27, 2023

Pinstripes partners with SPAC to go public

The 13-unit eatertainment concept could go public in a deal with Banyan Acquisition Corp., with the combined companies worth $520 million.

By Julie Littman • June 23, 2023

After first day of trading, Cava plots path to profitability

As a public company, Cava will further strengthen its balance sheet and expand into new markets, CFO Tricia Tolivar said.

By Julie Littman • June 20, 2023

Why Fat Brands’ Andy Wiederhorn wants Twin Peaks to go public

Two years after Fat bought the full-service brand for $300 million, it is also considering spinning off the company or selling it for cash.

By Julie Littman • June 20, 2023

Cava’s IPO raises $318M, higher than expectations

Cava’s initial public offering, at $22 per share, surpassed an expected $17 to $19 per share, which could encourage other restaurants pursuing IPOs.

By Julie Littman • June 15, 2023