Franchise Times Magazine

11/26/2025

Freddy's Frozen Custard & Steakburgers ended 2024 with nearly $990 million in systemwide sales. M&M Custard, one of the brand's larger franchisees, filed for bankruptcy November 14. 💰

In the filing, M&M Custard reported assets of $5.2 million against liabilities of $27.7 million owed to more than 100 creditors. It noted in court documents filed with the U.S. Bankruptcy Court for the District of Kansas that a "toxic asset," that of its 11 sites in the Chicago market, generated negative EBITDA, or earnings before interest, taxes, depreciation and amortization, and were a financial drag on the portfolio.

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M&M Custard, a longtime franchisee of Freddy’s Frozen Custard & Steakburgers, filed for Chapter 11 bankruptcy protection November 14. The company, based in Overland Park, Kansas, operates 31 Freddy’s locations

11/26/2025

Private equity firms seem obsessed with Crunch Fitness.

The franchisor and its operators have been on the receiving end of numerous investments this year. The latest is Sixth Street’s $350 million minority investment in CR Fitness Holdings, an 88-unit Crunch Fitness franchisee. 💪

Crunch Fitness has more than 500 gyms in 41 states, the District of Columbia and eight countries.

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Private equity firms seem obsessed with Crunch Fitness.

11/25/2025

It was never a given that Aaron Engler would take over as the leader of Border Foods, the 255-unit Taco Bell business his dad and uncle, Jeff and Lee Engler, had been building since the early 1990s.

“These guys always kept saying to me, ‘We don’t know if you’re the guy or not … we don’t do nepotism here,’” Aaron Engler said. “I always say to people, it was my opportunity to lose, and I absolutely think Lee and Jeff would let me lose that opportunity if I didn’t step up to the plate.”

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It was never a given that Aaron Engler would take over as the leader of Border Foods, the 255-unit Taco Bell business his dad and uncle, Jeff and Lee Engler,

11/25/2025

Experiential brands are growing in popularity as people look to make memories with friends and family—and perhaps learn a new skill.

Paul and Kelly Hays are adding to that mix with their cheesemaking franchise, Cheeseology. Similar to a paint-and-sip experience, Cheeseology’s art is cheese and the wine options rotate monthly, with the option to add on wine flights. 🧀

Cheeseology students can learn how to make ricotta, burrata, mozzarella, pizza and charcuterie boards, to name a few. Guests can also reserve private parties.

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Experiential brands are growing in popularity as people look to make memories with friends and family—and perhaps learn a new skill.

11/24/2025

FT’s Picks of the Week highlight notable C-suite moves, brand milestones, tech tidbits and other franchise news, sourced by the Franchise Times editorial team.

Veteran franchise executive Danessa Itaya is the new president for residential and commercial cleaning brand Maid Brigade.

DoorDash and Coco Robotics are expanding their autonomous delivery partnership to Miami, building on earlier launches in Los Angeles and Chicago, Food On Demand reported.

In-home adult care brand Home Instead Senior Care got nostalgic for its newest advertising campaign, “Home but not alone,” by reuniting fans of the hit movie “Home Alone” and actor Macaulay Culkin.

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FT’s Picks of the Week highlight notable C-suite moves, brand milestones, tech tidbits and other franchise news, sourced by the Franchise Times editorial team.

11/24/2025

The world’s largest franchise operator has built a reputation since its inception of running mature restaurant concepts.

For much of its 25-plus year history, Flynn Group’s portfolio comprised well-established restaurant brands with big legacies. However, under a new effort, the brand is shifting gears. With a goal of partnering with breakout concepts, Flynn is franchising with 7 Brew Coffee. ☕️

Greg Flynn, founder and CEO, said the new division and the agreement with 7 Brew to develop 160 locations is one of three initiatives to expand the company’s reach.

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For much of its 25-plus year history, Flynn Group’s portfolio comprised well-established restaurant brands with big legacies. However, under a new effort, the brand is shifting gears. With a goal

11/23/2025

As if things weren’t tough enough for restaurant franchises and their franchisees, they also need to find the capital to build new locations and remodel outdated ones in a high-cost environment.

Despite the many challenges restaurants face finding development capital, restaurant finance experts remain cautiously optimistic that lenders will continue to pump money into the industry in 2026 and beyond, with the commercial banks and private equity firms very much open to signing off on the right deals.

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Restaurant finance experts remain cautiously optimistic that lenders will continue to pump money into the industry in 2026 and beyond, even as operators face high interest rates and ongoing economic

11/22/2025

Last year Panera Bread began a menu transformation effort to focus on its core sandwich, soup and salad offerings. 🥪

Panera’s “RISE” plan is focused on four strategic pillars: refreshing the menu, igniting value, serving guests and expanding its store count. The three-year turnaround strategy comes as systemwide sales fell an estimated 6.3 percent last year and AUVs likewise took a dip. New CEO Paul Carbone is optimistic: “We’re still a relevant brand. We’ve just disappointed the guest.”

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Panera’s “RISE” plan is focused on four strategic pillars: refreshing the menu, igniting value, serving guests and expanding its store count. The three-year turnaround strategy comes as systemwide sales fell

11/22/2025

When asked about Pepper Lunch’s growth over the last few years, the CEO of the Japanese restaurant brand’s American operations, Troy Hooper, likened it to being on a rocket ship.

“Multi-unit growth has always been part of the brand,” Hooper said. “But part of my grand thesis is that I’d rather have 60 large franchisees with 600 units, rather than 600 individual franchisees, because the work per franchisee and per unit is the same for us.”

Pepper Lunch got its start in Japan, with chef Kunio Ichinose and business partner Norio Yajima opening the first Pepper Lunch in Ofuna, Kanagawa, in southeastern Japan, in 1994.

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Since relaunching its expansion efforts in the United States two years ago, Japanese concept Pepper Lunch has had a rush of multi-unit deal signings. Its CEO of American operations, Troy

11/21/2025

It’s a busy time for leadership at &pizza, with the formation of a new holding company after acquiring Tex-Mex concept Tijuana Flats.

CEO Mike Burns is embracing the rapid growth with a simple mantra: “Go fast.”

That mantra, Burns said, is reflected in the acronym of the recently launched Latitude Food Group, LFG, which can also mean “let’s go” with a certain expletive in the middle. It was with that mindset that &pizza moved forward from what began as casual conversations about the company’s future.

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Latitude Food Group, led by CEO Mike Burns, will work to grow the pizza and Mexican chains after both closed numerous locations last year.

11/21/2025

Happy Friday!!😎

Minnesota’s newest Krispy Kreme opened and we put it to the test. Verdict? The donuts were great and the line moved fast. Great for the office and even better for morale.🍩

11/21/2025

Service has always been at the core of Larry Hayman’s varied career.

After completing his military service, Hayman worked in cybersecurity, information technology and supply logistics over the next 15 years. Outside of work, he found success as an avid flag football player, taking on team captain and board member responsibilities such as coordinating league insurance, finding playing fields and handling player registrations.

It only makes sense that a love for service paired with athletics would draw Hayman to a new career as a franchisee of youth sports concept i9 Sports. 🏈

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Service has always been at the core of Larry Hayman’s varied career.