Acquisition (Tables)

6 Months Ended

Jul. 03, 2022

Business Combinations [Abstract]

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 Date	Number of Restaurants	Purchase Price		Fee-Owned(1)(2)	Market Location
June 17, 2021	14	$	27,603	12	Fort Wayne, Indiana
June 23, 2021	5	3,216		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 sale-leaseback transactions during the third quarter of 2021 for net proceeds of approximately $20.2 million.

(2)One of the fee-owned restaurants was closed at the end of 2021 and subsequently sold in the second quarter of 2022 for proceeds of $0.2 million.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the final allocation of the aggregate purchase price for the 2021 acquisitions:

Inventory	$	229
Land and buildings	20,376
Restaurant equipment	850
Restaurant equipment - subject to finance leases	29
Right-of-use assets	2,997
Leasehold improvements	550
Franchise fees	411
Franchise rights	6,025
Deferred income taxes	484
Goodwill	1,832
Operating lease liabilities	(2,900)
Finance lease liabilities for restaurant equipment	(35)
Accounts payable	(29)
Net assets acquired	$	30,819

Business Acquisition, Pro Forma Information [Table Text Block]

The following table summarizes the Company's unaudited pro forma operating results:

	Three Months Ended			Six Months Ended
		July 4, 2021			July 4, 2021
Total revenue		$	430,017		$	826,024
Net loss		$	(8,871)		$	(15,574)
Basic and diluted net loss per share		$	(0.18)		$	(0.31)