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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

Dutch Bros paid a premium for Salad and Go's leftovers

 By Jonathan Maze on Aug. 06, 2026

The Bottom Line: The drive-thru beverage chain is paying more than $100 million to get its hands on up to 65 closed locations of the drive-thru salad chain. That’s a surprisingly successful deal for a bankrupt company.

Financing

Amid a weird year, Shake Shack gets an activist

 By Jonathan Maze on Aug. 05, 2026

The Bottom Line: The fast-casual burger chain has had guidance challenges this year and now has a reported investment from Starboard Value. Yet its sales have held up.

Financing

Here's everything that has killed Boston Market over the past 20 years

By Jonathan Maze on Aug. 05, 2026

The Bottom Line: The fast-casual rotisserie chicken chain is down to just about six locations in five states. Its decline is due to everything from poor management to Costco.

Financing

McDonald's makes a big change in its sluggish, U.S. market

By Jonathan Maze on Aug. 04, 2026

The Bottom Line: In naming Skye Anderson president of McDonald's USA, the fast-food giant looks to inject some energy into the market as it implements a new corporate strategy.

Financing

Jersey Mike's lands on the public markets with a thud

By Jonathan Maze on Aug. 03, 2026

The Bottom Line: This week’s edition of the weekly restaurant finance newsletter looks at the disappointing initial public offering of the sandwich chain and its potential impact on the market.

Financing

Jersey Mike's pre-IPO hype proves to be grossly inflated

By Jonathan Maze on Jul. 30, 2026

The Bottom Line: The fast-casual sandwich chain’s sale and its public offering were marked by anonymous reports of overinflated valuations and demand. But the IPO would prove to be a dud.

Financing

A local publisher grew a successful business, and then it opened a restaurant

By Jonathan Maze on Jul. 29, 2026

The Bottom Line: Exit Zero Publishing, which grew from a weekly publisher into a retail business, opened four restaurants before the pandemic. They put the company into bankruptcy.

Financing

In Jersey Mike's, a potentially historic restaurant industry IPO

By Jonathan Maze on Jul. 29, 2026

The Bottom Line: The fast-casual sandwich chain is setting up for a massive fundraise and a bigger valuation with its expected initial public offering this week.

Financing

The problem with $4 gas

By Jonathan Maze on Jul. 27, 2026

The Bottom Line: This week’s edition of the weekly restaurant finance newsletter looks at the return of $4 gas and why that will put a lid on traffic.

Financing

After all that, Cracker Barrel changes its CEO, anyway

By Jonathan Maze on Jul. 27, 2026

The Bottom Line: The family-dining chain said Monday that Julie Masino is leaving and will be replaced by former Bloomin’ Brands chief executive David Deno. Yet little about the decision makes much sense.

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