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Acquisition (Tables)
 12 Months Ended
Jan. 02, 2022
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
In 2021, the Company acquired an aggregate of 19 Burger King restaurants from other franchisees in the following transactions (in thousands except number of restaurants):
Closing DateNumber of RestaurantsPurchase PriceFee-Owned (1)Market Location
June 17, 202114$27,603 12 Fort Wayne, Indiana
June 23, 202153,216 1 Battle Creek, Michigan
19 $30,819 13 
(1) The 2021 acquisitions included the purchase of 13 fee-owned restaurants, of which 12 were sold in subsequent sale-leaseback transactions during the third quarter of 2021 for net proceeds of approximately $20.2 million.
During the year ended December 29, 2019, the Company acquired a total of 234 restaurants from other franchisees, which are referred to as the "2019 acquired restaurants", in the following transactions:
Closing DateNumber of RestaurantsPurchase PriceFee Owned (3)Market Location
April 30, 2019(1)220 $259,083 14 Southeastern states, primarily TN, MS, LA
June 11, 201913 15,788 — Baltimore, Maryland
August 20, 2019(2)1 1,108 — Pennsylvania
234$275,979 14
(1)During the second quarter of 2019, the Company completed the merger with New CFH, LLC ("Cambridge") and acquired 165 Burger King restaurants and 55 Popeyes restaurants.
(2)Acquisitions resulting from the exercise of the Company's right of first refusal on acquisitions in certain markets (see Note 16).
(3)The 2019 acquisitions included the purchase of 14 fee-owned restaurants, of which six were sold in subsequent sale-leaseback transactions during 2019 for net proceeds of approximately $8.3 million and two in 2020 for net proceeds of approximately $3.4 million.
Schedule of Purchase Price Allocation [Table Text Block]
The Company allocated the aggregate purchase price for the 2021 acquisitions at their estimated fair values. The following table summarizes the final allocation of the aggregate purchase price for the 2021 acquisitions reflected in the consolidated balance sheets as of January 2, 2022:
Inventory$229 
Land and buildings20,376 
Restaurant equipment850 
Restaurant equipment - subject to finance leases29 
Right-of-use assets2,997 
Leasehold improvements550 
Franchise fees411 
Franchise rights 6,025 
Deferred income taxes484 
Goodwill 1,832 
Operating lease liabilities(2,900)
Finance lease liabilities for restaurant equipment(35)
Accounts payable(29)
Net assets acquired$30,819 
The following table summarizes the final allocation of the aggregate purchase price for the Cambridge Merger:
Inventory$2,839 
Prepaid expenses2,947 
Other assets1,846 
Land and buildings21,257 
Restaurant equipment25,358 
Restaurant equipment - subject to finance leases488 
Right-of-use assets251,431 
Leasehold improvements3,498 
Franchise fees7,300 
Franchise rights174,500 
Deferred taxes(44,292)
Goodwill84,060 
Finance lease obligations for restaurant equipment(568)
Operating lease liabilities(255,897)
Accounts payable(8,014)
Accrued payroll, related taxes and benefits(3,133)
Other liabilities(4,537)
Net assets acquired$259,083 
The following table summarizes the final allocation of the aggregate purchase price for these other 2019 acquisitions:
Inventory$158 
Restaurant equipment743 
Restaurant equipment - subject to finance leases150 
Right-of-use assets9,515 
Leasehold improvements6,205 
Franchise fees394 
Franchise rights (Note 5)9,809 
Deferred taxes29 
Goodwill (Note 5)86 
Operating lease liabilities(9,968)
Finance lease obligations for restaurant equipment(185)
Accounts payable(40)
Net assets acquired$16,896 
Business Acquisition, Pro Forma Information [Table Text Block] The following table summarizes the Company's unaudited pro forma operating results:
Year Ended
January 2, 2022
January 3, 2021
Total revenue$1,663,860 $1,571,457 
Net loss(41,796)(27,621)
Basic and diluted net loss per share (0.84)(0.54)
The following table summarizes the Company's unaudited proforma operating results:
Year Ended
December 29, 2019
Restaurant sales$1,568,533 
Net loss (25,586)
Basic and diluted net loss per share(0.59)
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] The weighted average amortization period of the intangible assets acquired is as follows:
2021 Acquisitions2019 Acquisitions
Franchise rights28.732.7