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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

Cash flow decline at McDonald's restaurants shows the impact of inflation

 By Jonathan Maze on Feb. 09, 2023

The Bottom Line: High food costs and more discounts led to profit declines at the fast-food chain’s restaurants. Now imagine what would have happened if its sales weren’t thriving.

Financing

How is the economy affecting restaurants? It's complicated

 By Jonathan Maze on Feb. 08, 2023

The Bottom Line: There is a sense that low-income consumers are changing their spending at fast-food restaurants and focusing more on value. But the impact appears limited, at least so far.

Financing

The IPO market is apparently warming up again

By Jonathan Maze on Feb. 06, 2023

The Bottom Line: Cava Group is planning an initial public offering and other restaurant companies could follow suit, so long as the market doesn't run off the rails again.

Financing

Red Lobster, private equity, and the problem of asset sales

By Jonathan Maze on Jan. 31, 2023

The Bottom Line: Eight years after Darden sold the seafood chain, it is closing locations, talking about a “turnaround” and seeking rent concessions.

Financing

McDonald’s steps out of the political shadows

By Jonathan Maze on Jan. 27, 2023

The Bottom Line: The burger giant traditionally lets others do all the talking on major political issues. But more recently it has made its voice heard on topics like California's business climate or crime in Chicago.

Financing

Companies face a tough lending market as their debt comes due

By Jonathan Maze on Jan. 26, 2023

The Bottom Line: Rising interest rates and a weak M&A market could prove troublesome for companies looking for an out from their debt troubles.

Financing

Who will win in a downturn? Chains with strong loyalty programs

By Jonathan Maze on Jan. 24, 2023

The Bottom Line: If a recession hits, price-weary consumers could look for more deals. But mass discount programs may be too difficult in an inflationary environment.

Financing

Food costs are down, but so are sales

By Jonathan Maze on Jan. 20, 2023

The Bottom Line: Producer prices for food declined more than 1% last month, though eggs and beef were up. And restaurant sales declined.

Financing

In the fast-growing burger market, In-N-Out takes it slow

By Jonathan Maze on Jan. 18, 2023

The Bottom Line: The chain is eyeing its first Tennessee restaurants in 2026. But it has also ceded growth to other competitors.

Financing

Making sense of In-N-Out’s Tennessee play

By Jonathan Maze on Jan. 13, 2023

The Bottom Line: The closely held burger chain’s decision to open a corporate hub in Tennessee, where it has no units, is a head scratcher. But there are good business reasons for the move.

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