Meritage Hospitality, one of Wendy's largest U.S. franchisees, filed for Chapter 11 bankruptcy protection on Thursday. The filing comes as the burger chain has struggled to win over diners who have become increasingly focused on value. For six straight quarters, Wendy's has reported same-store sales declines. A revolving door of chief executives in recent years has led to muddled turnaround strategies, and its stock has lost two-thirds of its value over the last three years. "Because the substantial majority of Meritage's restaurant portfolio operates under Wendy's brand, those system-wide pressures have had a significant impact on the Company's financial position," Meritage said in a press release announcing the filing.
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