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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

Wendy's doesn't wait for a new CEO to change its strategy

 By Jonathan Maze on Oct. 09, 2025

Wendy's launches "Project Fresh" without a CEO in place, tapping Taco Bell's Greg Creed for marketing help while shifting $20M from new builds to boost struggling unit volumes, a risky but necessary pivot for the chain's third leadership change since 2023.

Financing

Fast-casual chains jump on the discount bandwagon

 By Jonathan Maze on Oct. 08, 2025

Fast-casual chains like Chipotle, Five Guys and &pizza are rolling out more discounts as consumer pushback on prices hits a sector that once seemed immune to value wars. The shift signals a broader reckoning for restaurant brands.

Financing

Another restaurant industry rarity: Two Chapter 7 bankruptcies

By Jonathan Maze on Oct. 07, 2025

Restaurant chains are shutting down at unprecedented rates in 2025. From the complete liquidation of Opa! Authentic Greek Cuisine and Iron Hill Brewery to the challenges of finding buyers for struggling brands, the restaurant industry faces a harsh new reality. High costs and shifting market dynamics are reshaping the future of restaurant chains.

Financing

Taking a nostalgic trip to the newly opened Chi-Chi's

By Jonathan Maze on Oct. 07, 2025

Chi-Chi’s returns after 20 years with a nostalgic reopening in Minnesota, featuring iconic menu items like bottomless chips, chimichangas and fried ice cream. Explore how nostalgia-driven marketing fuels restaurant comebacks, the challenges of full-service Mexican chains and the evolving dining landscape in the U.S.

Financing

A lot of ominous signs for the restaurant industry

By Jonathan Maze on Oct. 06, 2025

The Bottom Line: This week's episode of the restaurant finance newsletter looks at recent economic data and its impact on restaurant sales. Also, the impact of the Creepy King ads on Burger King.

Financing

Small companies are taking a big hit in this economy

By Jonathan Maze on Oct. 02, 2025

The Bottom Line: A rash of mostly small restaurant chains have filed for bankruptcy over the past month, highlighting a group of companies unable to withstand the current market.

Financing

The 2021 class of restaurant industry IPOs has had a tough go

By Jonathan Maze on Oct. 01, 2025

The Bottom Line: Five chains went public that year, Dutch Bros, First Watch, Sweetgreen, Portillo’s and Krispy Kreme. Only one of those is trading above their IPO price.

Financing

Starbucks' closures put an end to an aggressive growth era

By Jonathan Maze on Oct. 01, 2025

The Bottom Line: The coffee shop giant, which is closing more than 400 of its shops, had been on an expansion tear since the end of the pandemic, despite its sales challenges.

Financing

Why a bifurcated economy is such bad news for restaurants

By Jonathan Maze on Sep. 29, 2025

The Bottom Line: The economy is heading in different directions and studies suggest things are getting worse. That’s a real problem for the industry.

Financing

The remodel conundrum

By Jonathan Maze on Sep. 29, 2025

The Bottom Line: In this week's restaurant finance newsletter, we look at the challenge struggling franchise brands have in remodeling locations. Also, Cracker Barrel was outperforming full-service chains before its logo fiasco.

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