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

Chipotle and Taco Bell had very different years in 2025

The Bottom Line: The two Mexican chains have long been among the industry’s most consistent performers. But that changed last year, at least for one of them.

Financing

Why did Yum Brands buy Habit Burger?

The Bottom Line: Yum Brands bought Habit Burger in 2020 with the intention to grow the brand. The company does not even mention the brand in its earnings calls.

The Bottom Line: Two large franchisees blamed merchant cash advances on their recent bankruptcy filings and Fat Brands used it at least once. But the funds are expensive and dangerous.

The Bottom Line: The pizza chain’s shift from a full-service model to takeout and delivery was the biggest service model shift in restaurant industry history. But it has not spurred the growth for which the company hoped.

The Bottom Line: This week’s episode of the restaurant finance newsletter contrasts news about Chili’s and rival Ruby Tuesday, which are going in different directions.

The Bottom Line: Most of the coffee chain’s customers still come into its shops, even if they have no intention of sticking around. That makes it important for those shops to be inviting.

The Bottom Line: The casual-dining chain’s same-store sales have been on an unbelievable trajectory over the past two-plus years. Here are some key learnings from that performance.

The Bottom Line: The fast-food restaurant chain collector took a huge risk in buying up restaurant chains at peak value and with higher interest rates. Then the market turned south.

The Bottom Line: This week’s edition of the restaurant finance newsletter looks at the Popeyes franchisee bankruptcy and why financial metrics are crucial operational standards.

The Bottom Line: With restaurant company valuations low following a tough 2025, several chains could be ripe targets for a takeout, if buyers are up for some risk.

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