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

Franchisors jump on the M&A bandwagon

The Bottom Line: Crumbl is the latest franchised restaurant chain to reportedly explore a sale after big 2024 deals for Tropical Smoothie and Jersey Mike’s. But the acquisitions market remains mixed.

Financing

Shake Shack changes what it means to be Shake Shack

The Bottom Line: The fast-casual burger chain’s plan to build 1,500 locations, not 450, will fundamentally change what the brand is all about.

The Bottom Line: The industry had too many locations in 2019. The pandemic led to a lot of closures. But the industry has been aggressively opening restaurants since 2020.

The Bottom Line: JAB Holdings gobbled up several mostly breakfast and coffee chains from 2012 through 2017. A few of its acquisitions have performed well, but others have stagnated, including the biggest.

The Bottom Line: Peter Cancro was so determined to improve operations at the sandwich chain that he sacrificed revenue and unit growth to get it. It’s a lesson others should follow.

The Bottom Line: After thriving coming out of the pandemic, fine-dining restaurants and so-called eatertainment chains have seen big sales pullback. Is it inflation or something else?

The Bottom Line: KFC is joining Taco Bell and McDonald’s in creating a new brand. But such moves are risky, especially when the primary brand is struggling.

The Bottom Line: Mergers and acquisitions of restaurants were slow in 2024. But there are growing signs that the market is improving as interest rates come down.

The Bottom Line: The fast-food giant is again the recipient of unwitting publicity, this time over the capture of the alleged killer of United Healthcare’s CEO.

The Bottom Line: The pizza chain is doing less of its own delivery and a lot more carryout. The data has massive implications for the business and its operators.

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