Restaurant Bankruptcies Ignite

Restaurant bankruptcies have ignited. BankruptcyData counted 683 restaurant bankruptcy filings from Jan. 1 through Nov. 5, already more than all of 2025, and a 12-unit Papa Johns franchisee became the latest name on the list this week. But capital hasn't disappeared. It's following the brands that own their guest. Shake Shack just redefined "digital" around channels it controls, First Watch is building an app-only weekday menu, and Square put an AI manager in every seller's dashboard. Members get the full read on why the owned order is the new collateral, plus this week's Savor Brand Price Watch.