An Open Letter To Wendy’s Part 2: Dear Meritage
Part 1 prosecuted the franchisor. This is the operator's half. Five years of audited statements show 84 buildings converted from owned to rented, $201 million of real estate monetized against $34.7 million of total operating income, and a coverage ratio that collapsed while revenue was still climbing. The decline arrived last. The architecture was finished years before it.