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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

Subway is another example of poor succession planning

 By Jonathan Maze on Apr. 20, 2023

The Bottom Line: CEO John Chidsey admitted that company founder Fred DeLuca “whiffed” on a succession plan before his death in 2015, which led to years of stagnation.

Financing

Waiting for the second economic shoe to drop

 By Jonathan Maze on Apr. 19, 2023

The Bottom Line: After a year of brutal inflation, operators worry that consumers will change their spending. But data at the moment remains inconclusive.

Financing

Subway may be a microcosm of the slow M&A market right now

By Jonathan Maze on Apr. 13, 2023

The Bottom Line: The CEO of Papa Murphy’s and Wetzel’s Pretzels owner MTY Group cited the sandwich giant’s reportedly lowered asking price, and suggested it could further cool the market for restaurant acquisitions.

Financing

Why Domino's may be a canary in the coal mine

By Jonathan Maze on Apr. 11, 2023

The Bottom Line: The pizza delivery chain saw a dramatic shift toward carryout last year, which it blamed on the impact inflation is having on consumers. So why aren’t we aren’t DoorDash and Uber Eats saying the same thing?

Financing

Raising Cane's wants to be a Top 10 brand by 2030. Don't bet against it

By Jonathan Maze on Apr. 07, 2023

The Bottom Line: The fast-casual chicken fingers chain believes it can become one of the country’s biggest restaurant concepts in a short period. It took some key steps this week to get there.

Financing

Consumers may be losing their resilience

By Jonathan Maze on Apr. 06, 2023

The Bottom Line: Consumers stretched themselves thin to pay for everything in 2022. But surveys and sales data are suggesting more of them are cutting back. And the people cutting back the most will surprise you.

Financing

Fat Brands' controlling shareholder replaces most of its board

By Jonathan Maze on Apr. 06, 2023

The Bottom Line: Fog Cutter Capital, owned by Andy Wiederhorn and his family, ousted its directors and appointed a new slate that includes several of his family members. The owner of Johnny Rockets and Twin Peaks also relabeled itself a “controlled company.”

Financing

Virtual layoffs come to the restaurant industry

By Jonathan Maze on Apr. 04, 2023

The Bottom Line: McDonald’s says its decision to conduct its layoffs virtually was done out of respect for workers. But letting people go via video screen can feel heartless, particularly in a “people business.”

Financing

Burger King and its struggling franchisees have a long way to go

By Jonathan Maze on Mar. 31, 2023

The Bottom Line: The closure of 26 restaurants in Michigan is another demonstration that the fast-food burger chain has a lot of work to do in its comeback effort. And its issues date back more than 15 years.

Financing

Let's look at the reported bidders for Subway

By Jonathan Maze on Mar. 30, 2023

The Bottom Line: Inspire Brands owner Roark Capital along with global gas station and restaurant operator EG Group are among the reported potential bidders for the fast-food sandwich chain. Here’s a look at the field.

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