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QSR & Coffee

Hardee’s

Parent: CKE Restaurants · PE-owned parent; mostly franchised

Credit ratingNot rated
AAAAAABBBBBBCCCD

No verified agency rating for CKE Restaurants.

Rating shown is for parent CKE Restaurants, not for Hardee’s on its own.

Founded1960Source: Wikidata
EmployeesNot verifiedNo verified source
Locations1,571Jan. 27, 2025; source: Hardee's 2025 FDD Item 20 via FDD Ninja
HeadquartersFranklin, TennesseeQSR & Coffee

New Initiatives

How the real estate strategy is changing: openings, closures, formats, remodels, relocations and refranchising.

  • Superior Star, a 59-unit Hardee’s franchisee, filed for Chapter 11.

    Source: Restaurant Dive

  • ARC Burger, whose 77 Hardee’s closed in December 2025 after its franchise agreements were terminated, converted to Chapter 7 liquidation.

    Source: Restaurant Dive

Hardee’s is a burger chain owned by CKE Restaurants, which also owns Carl’s Jr. Most Hardee’s restaurants are franchised, and several large franchisees entered bankruptcy in 2025 and 2026, which makes guarantor review essential.

Store count

1,571 as of Jan. 27, 2025
-1.7% 1-year change vs. prior fiscal year
  1. 1,7072022
  2. 1,5982024
  3. 1,5712025

U.S. restaurants. Counts as reported at each period end. Sources: QSR 50 2023 (2022 U.S. units, Circana ReCount); Hardee's 2025 FDD Item 20 (total restaurants at fiscal year end).

What’s changing

  1. Bankruptcy

    Superior Star, a 59-unit Hardee’s franchisee, filed for Chapter 11. Source: Restaurant Dive

  2. Bankruptcy

    ARC Burger, whose 77 Hardee’s closed in December 2025 after its franchise agreements were terminated, converted to Chapter 7 liquidation. Source: Restaurant Dive

Ownership history

  1. 1997

    Acquired by CKE Restaurants Source: Wikipedia: Hardee's

  2. 2010

    CKE taken private by Apollo Global Management Source: Wikipedia: CKE Restaurants

  3. 2013

    CKE acquired by Roark Capital Source: Wikipedia: CKE Restaurants

SEC Filings

Private company, no public SEC filings. CKE Restaurants Holdings, Inc. (Roark Capital) does not file annual reports with the SEC.

Credit ratings

AgencyRatingOutlookAs ofSource
S&P GlobalUnavailableNo CKE Restaurants issuer rating verifiedNot verified
Moody’sUnavailableNo CKE Restaurants issuer rating verifiedNot verified

Share prices, Yahoo Finance, as of Nov. 9, 2026. Bond index yields and spreads, ICE BofA US corporate and high yield indices, ICE Data Indices, LLC, via FRED, Federal Reserve Bank of St. Louis. 10-year yield, U.S. Department of the Treasury.

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