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

Crumbl Cookies goes to war against copycats

The Bottom Line: The fast-growing cookie chain has been filing lawsuits against companies over mimicking its business ideas. It goes to the heart of one of its biggest risks.

Financing

The private sector has recovered jobs lost from the pandemic, but not restaurants

The Bottom Line: The industry remains 700,000 workers behind where it was before the pandemic, even as sales have recovered. Why is the business so far behind?

The Bottom Line: The sandwich giant perfected the idea of the assembly line and its fully customizable menu. But its new “Subway Series” demonstrates that it has some pitfalls in the modern restaurant.

The Bottom Line: High labor and commodity costs have eaten into margins and a bear stock market has wiped out valuations. And now the economy appears headed for a recession.

The Bottom Line: The burger giant is facing the latest in a string of disputes with its operators, despite the company’s strong sales and record store-level cash flow and valuations.

The Bottom Line: The business is increasingly bifurcating. Fast-food restaurants are focused on speed and production. But demand for experiential dining remains high. Those in between may struggle.

The Bottom Line: Bloomberg suggested that one of the chain’s directors could take the position, including former Domino’s CEO Ritch Allison and former McDonald’s CMO Mary Dillon.

The Bottom Line: Inflation concerns and margin pressures haven’t just hurt stocks. The market for restaurant deals has slowed to a crawl as sellers wait until things improve.

The Bottom Line: Weak sales and rising costs, including delivery fees, have eaten into the profit margins of big operators like GPS Hospitality and Carrols Restaurant Group.

The Bottom Line: The average stock has lost 46% of its value since its 52-week high, far worse than the broader markets. Investors have reset industry valuations in the process.

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