A Deeper Dive

How will the bankruptcy filings of TGI Fridays and Hooters affect the market for securitizations?This week’s episode of the Restaurant Business podcast A Deeper Dive features Ed Cerullo, a credit analyst with Octus, to talk about whole business securitizations and the potential impact those bankruptcies can have on the market. Whole business securitizations use a company’s cash-generating assets to back bonds. Cerullo helps explain how they work, and why they’ve been so popular in the restaurant industry over the past 15-plus years. TGI Fridays was the first bankruptcy of a restaurant chain that used a whole business securitization, and Hooters was the second. Fridays also has the distinction of having lost control of its assets, the first time that had happened in any industry in 15 years. Both were risky investments, however, at the time they went to the securitization market. Cerullo and I talk about that, and whether the investments properly denoted the risks those companies presented at the time. We talk about whether the securitizations promoted this risk, and what the impact will be on the market going forward. 

In this special episode of A Deeper Dive — guest-hosted by Nation’s Restaurant News editor-in-chief and Take-Away host Sam Oches — Sam talks with Joey Cioffi, founder and CEO of The Salad House, a New Jersey based franchise that has grown to 20 locations since it first opened in 2011. Cioffi joined the podcast to share how The Salad House attempts to strike a balance between healthy and indulgent for the suburban customer and how he’s refined the business to support franchise success.  Like what you hear? Subscribe to Take-Away on Apple or Spotify.  In this conversation, you’ll find out why:In kids’ menus, health-forward concepts have opportunity for growth There’s a broad spectrum of customers looking for a balance of healthy and indulgentAn outside perspective can help you tighten up your businessYou don’t need A+ real estate if you make enough noise in your messagingYou can’t fulfill your dreams if you don’t take a few risks along the way Have feedback or ideas for Take-Away? Email Sam at sam.oches@informa.com.

What is the strategy for Authentic Restaurant Brands’ newest acquisition?This week’s episode of the Restaurant Business podcast A Deeper Dive features Alex Macedo, the CEO of the multi-brand operator Authentic Restaurant Brands (ARB). The company recently acquired the New England polished casual-dining concept Tavern in the Square, its latest in a series of deals for largely regional chains. The company owns Pollo Tropical, Primanti Bros., P.J. Whelihan’s and Mambo Seafood. The company’s chains generate $1 billion worth of revenue and $150 million in EBITDA, or earnings before interest, taxes, depreciation and amortization. We asked Alex why Tavern in the Square fits with these companies, when it plans to buy another chain and what’s the strategy behind acquiring regional concepts. We also asked Alex about ARB’s ultimate exit strategy. Check it out.

How has the pandemic affected restaurants?This week’s episode of the Restaurant Business podcast A Deeper Dive features Lisa Miller, a consumer strategist and the author of "The Business of Joy."The podcast is part of our series on the impact of the COVID pandemic on the restaurant industry five years after it first hit. The pandemic wiped out a huge percentage of sales. More than half of the restaurant workforce lost their jobs. That period was an earthquake on the industry, and there have been many aftershocks since: supply shortages, runaway inflation and now traffic declines as consumers get frustrated over price hikes.We discuss the lingering impact from that era. We also talk about how consumers have changed. And we talk about the potential restaurants have to get customers, even in a tough market. The U.S. diner hasn’t fully returned to the industry and still wants to eat out more often than they do. 

Why are restaurant chains still having challenges in 2025?This week’s episode of the Restaurant Business podcast A Deeper Dive features Rich Shank, the senior principal with sister company Technomic. We wanted to talk with Shank because of the uncertain state of the restaurant business so far in 2025. A lot of people thought that things would improve this year after a difficult 2024. But so far that hasn’t quite happened. Many chains have reported weak sales beyond just weather concerns, saying that consumers are still cutting back. We talk about why that is. We also talk about the uncertainty surrounding the economy, particularly with the threat of tariffs. We also talk about the potential impact of immigration restrictions. In addition, Rich talks about how the restaurant business has changed since the pandemic started five years ago.We’re talking about the state of the industry so check it out. 

What’s going on with egg prices?This week’s episode of the Restaurant Business podcast A Deeper Dive features Ricky Richardson, the CEO of the breakfast-and-lunch franchise Eggs Up Grill. We wanted to talk to Ricky because he recently posted about a decision his franchisees made in reaction to egg prices.Egg prices have hit record highs this year because of an outbreak of avian influenza, which has caused poultry farmers to get rid of much of their flocks, dropping supply. Because of the high costs, some chains such as Waffle House and Denny’s have instituted egg surcharges. Richardson explains just how big a deal these price increases are to the company’s franchisees and how the company and operators are dealing with them. We also talk about surcharges and the impact on customers. And we spend some time talking about Eggs Up and the breakfast-and-lunch category, quietly one of the hottest categories for years.We’re talking about eggs on A Deeper Dive so please check it out. 

How should we think of the shift in marketing at Starbucks?This week’s episode of A Deeper Dive is about marketing restaurant brands and it features Dawn Kane, the CEO and co-founder of Hot Dish Advertising. Kane has extensive experience in marketing and was recently named the 2024 Bonny LeVine Award winner by the International Franchise Association, which recognizes women for their contributions to franchising. There’s been plenty of marketing news of late, including some from Starbucks, which has started television advertisements, something it hasn’t done all that often. Its promotions around the Super Bowl also generated record redemptions for the company’s free coffee offer the Monday after the event. And then companies like Chili’s generated strong sales by taking advantage of social media opportunities and then using traditional advertising to supplement that. We wanted to talk about these issues as well as the challenges of breaking through all the marketing clutter at a time when the restaurant business is more competitive than ever.We’re talking advertising on A Deeper Dive so please check it out. 

How do you take a hot restaurant concept national without destroying it?This week’s episode of the Restaurant Business podcast A Deeper Dive features Chris Schultz, the CEO of Voodoo Doughnut. The doughnut chain was founded in Portland, Oregon, in 2000 by Kenneth Pogson and Tres Shannon. It quickly gained a reputation for off-the-wall doughnuts—we’ll let you check out the website for the names of said doughnuts—and a brilliantly pink color scheme. The company has been expanding rapidly with private-equity owners. We talk with Chris about some of the changes the company has made and how the chain can make itself ready for growth without losing the irreverence that helped it gain popularity in the first place.And we also talk with Schultz about the chain’s expansion strategy, and whether that strategy can work for a concept that focuses largely on treats. 

How does a restaurant chain come back from bankruptcy?This week’s episode of the Restaurant Business podcast A Deeper Dive features Jim Greco, the CEO of the recently-emerged-from-bankruptcy Tijuana Flats.Greco is an industry veteran who has engineered turnarounds at Bruegger’s and Sbarro. He recently took over Tijuana Flats, the fast-casual Mexican chain, and is working on that comeback plan.We wanted to talk with him to go over the best strategies for resuscitating struggling restaurant chains. It’s an important topic because a lot of companies are doing just that. So we talk about the importance of operations, marketing and, of course food.Check it out.

Why are some chains easily outperforming their biggest competitors?  This week’s episode of the Restaurant Business podcast A Deeper Dive features Joe Pawlak, the managing principal with RB sister company Technomic, to talk about this topic. Several restaurant chains are easily outperforming top competitors right now. Chili’s is beating Applebee’s. Dutch Bros is outperforming Starbucks and Texas Roadhouse is outdistancing Outback Steakhouse. Pawlak uses data from Technomic to help explain a lot of this. Customers clearly prefer some chains over others right now, and amid intense competition they are voting with their feet.  We discussed what some of these chains are bringing to the table and how much luck plays a role. The discussion offers lessons for some brands as they look to win in a competitive restaurant market.