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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

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.

Financing

Subway wades into a difficult M&A market

By Jonathan Maze on Jan. 12, 2023

The Bottom Line: Sale processes like the one the sandwich giant is apparently planning do not come very often. That doesn’t mean a sale is a slam dunk. And $10 billion may be tough to get.

Financing

Fat Brands, a ‘publicly-traded private equity firm,’ focuses on strategic deals

By Jonathan Maze on Jan. 10, 2023

The Bottom Line: The owner of Twin Peaks, Johnny Rockets and Fazoli’s has shifted its attention to more targeted acquisitions and could spin off or sell some assets.

Financing

Why the next year will be huge for Burger King’s future

By Jonathan Maze on Jan. 06, 2023

The Bottom Line: The bankruptcy of TOMS King Holdings may be the first domino in a substantial change in the burger chain’s franchisee base as it looks to turn itself around.

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