Freddy’s franchisee files for bankruptcy

This week on Nation’s Restaurant News, the top story was “Freddy’s franchisee files Chapter 11 bankruptcy.” M&M Custard, a prolific Freddy’s Frozen Custard & Steakburgers franchisee, has declared Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Kansas. The company, based in Overland Park, Kan., operates 42 locations across six states, including Missouri, Kansas, Illinois, Indiana, Kentucky, and Tennessee.

In other news, Panera is unquestionably considered one of the darlings of the fast-casual segment. But Paul Carbone, who was named chief executive officer in March, said the brand has stagnated and even lost its way a little bit in recent years. “Much of this was our own doing,” he said during a recent interview at the Restaurant Finance & Development Conference in Las Vegas. 

Also, Topgolf Callaway Brands is selling a majority stake of its Topgolf brand to private equity firm Leonard Green for approximately $1.1 billion. The parent company will retain a 40% stake in the eatertainment concept while shifting most of its focus to its equipment and apparel business.

See what else was trending on NRN.com this week.