A Deeper Dive

• How Sbarro survived, and thrived, after 2 bankruptcy filings

  How do you teach an old pizza chain new tricks?This week’s episode of the Restaurant Business podcast A Deeper Dive features David Karam, the CEO of the pizza chain Sbarro.The pizza chain was founded in 1956 and for years thrived inside mall locations. But the company took on too much debt and filed for bankruptcy twice after the Great Recession. We wanted to talk with Karam to understand what Sbarro did to survive those two bankruptcies. Karam took over the chain between the two filings and has led the it ever since and now owns the concept. Sbarro just opened its 800th restaurant and has found new life in places like convenience stores and airports as well as international markets.Karam discusses these plans and provides insight into how the company was able to find a life past bankruptcy. 

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• A look into the Top 500 chain restaurants

  How did restaurants do in 2024?This week’s episode of the Restaurant Business podcast A Deeper Dive is all about the Technomic Top 500 Chain Restaurant Report.Kevin Schimpf, senior director of industry research at Restaurant Business sister company Technomic, joins the episode to talk about the ranking. The restaurant industry did not have a great year in 2024 if you look at the overall numbers. Kevin and I talk about that and why restaurants didn’t do as well.We also talk about what sectors did well and what did not. Hint: It’s more menu based than anything else. We talk about the shift from some concepts to others and from some menu types to others and what it means for the future of the industry. We talk about Texas Roadhouse, McDonald’s, Starbucks, KFC, Raising Cane’s, Chick-fil-A and others. And also what sector should not exist.We’re talking Top 500 on A Deeper Dive, so please check it out.

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  29:56
• How the Hooters and TGI Fridays bankruptcies will disrupt the credit markets

  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. 

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  27:28
• The Salad House founder on finding balance between healthy and indulgent

  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 [email protected].

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  44:04
• What the owner of Pollo Tropical will do next

  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.

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