One of Wendy’s biggest franchisees has filed for Chapter 11 bankruptcy.
Nation’s Restaurant News (NRN) reports that Meritage Hospitality Group — a Michigan-based operator which oversees 314 Wendy’s locations total in the Midwest and Southeast — filed for bankruptcy protection amidst reports of weak sales at Wendy’s as a whole.
In fact, Crain’s Grand Rapids Business states that the burger chain has seen its traffic hit a 30-year low. Meritage Hospitality Group has listed between $10 million and $50 million in assets as well as liabilities in its filings, and states it owes $150 million to City National Bank, which revealed it had debt in default last year…