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Parent company

CKE Restaurants

Private, owned by Roark Capital

Carl’s Jr. logoHardee’s logo
Credit ratingNot rated
AAAAAABBBBBBCCCD

No verified agency rating for CKE Restaurants.

OwnershipPrivateowned by Roark Capital
Brands on our list2Carl’s Jr., Hardee’s
Issuer ratingUnavailableNot rated

New Initiatives

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

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

    Source: Restaurant Dive

  • Carl’s Jr.. After Friendly Franchisees filed Chapter 11 in April 2026, its successor planned to close 10 Carl’s Jr. restaurants in California and sell 49.

    Source: Los Angeles Times

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

    Source: Restaurant Dive

  • Carl’s Jr.. Restaurant Dive reported a sharp rise in multi-unit franchisee bankruptcies across quick-service brands in 2026.

    Source: Restaurant Dive

CKE Restaurants is the parent of Carl's Jr. and Hardee's. The system is mostly franchised, and CKE has been owned by Roark Capital since 2013.

Sources: CKE Restaurants.

Brands on our list

Credit ratings

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

What’s changing across the brands

  1. Bankruptcy

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

  2. Bankruptcy

    Carl’s Jr.. After Friendly Franchisees filed Chapter 11 in April 2026, its successor planned to close 10 Carl’s Jr. restaurants in California and sell 49. Source: Los Angeles Times

  3. Bankruptcy

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

  4. Bankruptcy

    Carl’s Jr.. Restaurant Dive reported a sharp rise in multi-unit franchisee bankruptcies across quick-service brands in 2026. Source: Restaurant Dive

Ownership history

  1. 1997

    Acquires Hardee's Source: Source

  2. 2010

    Taken private by Apollo Global Management Source: Source

  3. 2013

    Acquired by Roark Capital Source: Source

SEC Filings

Private company, no public SEC filings. CKE Restaurants does not file annual reports with the SEC.

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.