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The Bottom Line

Jonathan Maze The Bottom Line

Restaurant Business Executive Editor-in-Chief Jonathan Maze is a longtime industry journalist who writes about restaurant finance, mergers and acquisitions and the economy, with a particular focus on quick-service restaurants. He writes daily about the factors influencing the operating environment, including labor and food costs and various industry trends such as technology and delivery.

Jonathan has been widely quoted in media publications such as the New York Times and the Washington Post and has appeared on CNBC, Yahoo Finance and NPR. He writes a weekly finance-focused newsletter for Restaurant Business, The Bottom Line, and is the host of the weekly podcast “A Deeper Dive.”

Financing

Despite a host of concerns, restaurant franchisees remain optimistic

 By Jonathan Maze on Mar. 23, 2023

The Bottom Line: Margins took a hit last year and inflation remains a concern. But a new survey says most franchise operators are optimistic. Here’s why.

Financing

Domino's CEO bets on himself

 By Jonathan Maze on Mar. 21, 2023

The Bottom Line: CEO Russell Weiner bought more than $1 million in stock earlier this month. But reversing the stock price’s recent slump will take a lot more.

Financing

A tweet comes between Grubhub and McDonald's franchisees

By Jonathan Maze on Mar. 17, 2023

The Bottom Line: The fast-food burger chain’s former top U.S. corporate relations officer said, “cry me a river” in a now-deleted tweet about McDonald’s franchisees. It didn’t go over well, either with them or his new employer, Grubhub.

Financing

Are potential new 'joint employer' rules bad for franchisees? Maybe not

By Jonathan Maze on Mar. 16, 2023

The Bottom Line: Robert Zarco, who now works with McDonald's franchisees, argues that a potential redefinition of the joint employer standard could reduce the level of control franchisors exert over operators.

Financing

Delivery sales are sticking around at fast-food restaurants, even as dine-in returns

By Jonathan Maze on Mar. 10, 2023

The Bottom Line: Despite rising prices and concerns about inflation, third-party delivery remains on the upswing at quick-service restaurants. But drive-thru demand is shifting back to normal.

Financing

Inflation takes its toll as yet another company files for bankruptcy

By Jonathan Maze on Mar. 09, 2023

The Bottom Line: The filing by Burger King franchisee Meridian is the fourth major Chapter 11 this year. Other companies are facing problems, too, as margins dwindle.

Financing

Some big private-equity firms are apparently interested in Subway

By Jonathan Maze on Mar. 06, 2023

The Bottom Line: Reports suggest the fast-food sandwich giant is targeting investment firms, and Goldman Sachs and Bain Capital are among the apparent suitors.

Financing

For Wendy's, keeping pace with competitors is harder than it looks

By Jonathan Maze on Mar. 03, 2023

The Bottom Line: The end of the company's Reef Kitchens deal and the cutback in its restaurant count projections highlights the chain's difficulties keeping up with its larger, fast-food rivals.

Financing

Better than Buffets Inc.? That's not saying much

By Jonathan Maze on Mar. 02, 2023

The Bottom Line: Sardar Biglari in his letter to shareholders boasted of the cash that Western Sizzlin has generated for Biglari Holdings. His comparison leaves much to be desired.

Financing

More franchise brands should disclose store-level profitability

By Jonathan Maze on Feb. 24, 2023

The Bottom Line: The importance of franchisee cash flow is undeniable to the success of any franchise. That’s why investors should demand more data from franchised restaurant brands.

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