Dutch-Clutch, Pollo Tropical-IPO, restaurants and ICE

Franchisees are resisting Subway’s loyalty program. Jersey Mike’s promises it won’t change under private equity. And one of FAT Brands’ largest bondholders is suing the company.

Some third-party delivery platforms will need to change their tipping policies in New York City. Taco Bell is bullish about its Live Mas Cafe concept. And is there success ahead for fast-casual pizza?

Kelli Valade has found a new job shortly after Denny’s sale was finalized. McDonald’s and Taco Bell both have new sauces. And Nathan’s Famous has been acquired by a pork processor.

A California-based coffee chain is closing dozens of locations. Mr. Gatti’s Pizza has a new owner. And Red Robin is pushing a new value offer.

Starbucks is already changing its assistant store manager program. There’s another departure at Sweetgreen. And Five Guys is opening a Vegas flagship with a full bar.

A Popeyes franchisee declares bankruptcy. Olo has M&A plans. And what prognosticators say the industry can expect in 2026.

We’ve got lots of takeaways from this week’s ICR Conference. A New York City group has brought a Chicago chain into its fold. And KFC wants to stave off the Sunday Scaries.

Dutch Bros is buying a small coffee chain. Pollo Tropical would like to go public. And restaurant operators in Minnesota are pushing back against the ICE crackdown there.

Fat Brands has a big debt problem. Chipotle is looking for a new chief brand officer. And Jersey Mike’s is heading to Europe.

Noodles & Company is closing more locations than planned. TGI Fridays, meanwhile, has big opening plans. And Darden is on the hunt for more brands.