M&M Custard, one of the largest franchisees of Freddy’s Frozen Custard and Steakburgers, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Kansas.
The Overland Park, Kansas-based company operates 31 Freddy’s locations across Illinois, Indiana, Kansas, Kentucky, Missouri and Tennessee, reporting $5.2 million in assets against $27.7 million in liabilities owed to more than 100 creditors.
In court documents, CEO Eric Cole called the company’s 11 Chicago stores a “toxic asset” that generated negative EBITDA and became a financial drain on the entire portfolio. M&M bought six Chicago stores in 2021 for $1 million, hoping to dominate the market with an additional commitment to develop 13 more locations. Three years later, Cole blamed Chicago’s “burdensome regulatory and tax environment” for its melting sales.
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What This Hedge Fund Billionaire Did Differently to Fix His NFL Disaster
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When David Tepper purchased the Carolina Panthers for a record $2.3 billion in 2018, he took a hands-on approach — churning through seven coaches and 10 quarterbacks. The strategy bombed as the team won just 33% of its games and never made the playoffs. Tepper even threw a drink at a fan and got fined $300,000.
Now the hedge fund manager worth $24 billion is doing something radically different: stepping back. Tepper hired new coaches and a GM, let them rebuild the roster without interference, and invested heavily in analytics and facilities. The result? The Panthers are 6-5 this season and playoff-bound.
“You really know you’re successful when you know what you don’t know,” Tepper told The New York Times in a rare interview, admitting his early mistakes.
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