Louisville, Kentucky, July 16, 2026, 04:30 (EDT)
Superior Star’s approximately $80 million in 2025 sales looks close to Hardee’s average only when divided by the 59 restaurants the Chapter 11 franchisee still operates. Adjust for 30 stores shut mostly late in the year, and revenue per restaurant falls to an estimated $860,000 to $900,000, roughly one-third below the chain’s latest franchised-store average.
That matters because the operator was large enough to move Hardee’s system numbers. Superior Star’s closures were equivalent to 36.6% of the 82-unit net decline in franchised Hardee’s restaurants during the 53 weeks ended Jan. 26, though openings and actions by other operators also shaped the total. Its remaining restaurants account for about 4% of Hardee’s 1,485 U.S. locations.
| Network comparison | Superior Star | Hardee’s fiscal 2026 system | Investor read |
|---|---|---|---|
| Restaurants closed in 2025 | 30 | Net franchise decline: 82 | Equivalent to 36.6% |
| Restaurants operating now | 59 | Total U.S. restaurants: 1,485 | 4.0% of system |
| Restaurants operating now | 59 | Franchised restaurants: 1,287 | 4.6% of franchise base |
Calculations use Superior Star’s court disclosures and Hardee’s 2026 franchise disclosure document.
At publication, U.S. equity markets were still closed and were due to begin a normal session at 9:30 a.m. EDT. CKE Restaurants, which owns Hardee’s, is privately held, leaving no direct listed stock reaction. The read-through is instead for restaurant lenders, landlords and franchise-heavy brands assessing the liabilities tied to aging units.
Superior Star bought 93 Hardee’s restaurants from StarCorp in 2023. The operator says it soon found millions of dollars in deferred maintenance, repair costs, unpaid taxes and other obligations, while “aged physical facilities” hurt demand. Those are allegations made by the debtor; StarCorp did not respond to Fast Company’s requests for comment. QSR Magazine
Two ways of treating the store count produce sharply different results:
| 2025 revenue comparison | Using today’s footprint | Estimated pre-closure footprint | Hardee’s benchmark |
|---|---|---|---|
| Gross revenue | About $80 million | About $80 million | — |
| Store divisor | 59 | 89 to 93 | 975 comparable franchised stores |
| Revenue per restaurant | About $1.36 million | About $860,000 to $900,000 | $1.347 million |
| Difference from benchmark | 0.6% above | 33% to 36% below | — |
The 89-to-93 range is inferred, not company-reported. Superior Star had 93 restaurants in January 2024, operates 59 now and said 30 closed during 2025, most in November and December. The estimate is not a same-store-sales measure.
Dividing annual sales by the current 59 restaurants is tempting, but it assigns revenue earned by since-closed stores to the survivors. Since most closures came near year-end, the larger divisor gives a better, though still rough, view of the portfolio that generated the sales. The denominator changes the story.
The mismatch helps explain why a sizable top line did not produce adequate liquidity. Court-filing summaries put normal monthly operating expenses, excluding debt service, at about $4.5 million. Superior Star had roughly 850 employees and $483,000 of earned but unpaid wages at the petition date; its owners had recently supplied $300,000 to help meet payroll.
State tax authorities later levied bank accounts after sales-tax delinquencies, which the company said triggered the timing of the filing. Superior Star entered Chapter 11, a court-led reorganization rather than liquidation, on July 9 in the Western District of Kentucky and said it planned to keep operating.
Closing restaurants had not fully stopped the cash drain. Superior Star kept paying rent on some shuttered units, known as dark-site costs, and now wants to reject those leases. It also disputes a $7.04 million seller note owed to StarCorp and says claims against the seller may offset that debt.
Chief Executive Brian Bonfiglio said restructuring could preserve the business. A court-filing summary said the operator believes it can emerge as an “operationally and financially durable enterprise.” Hardee’s said the filing reflected Superior Star’s “specific financial and business circumstances” and that it remained focused on strengthening its system. Bondoro
But the one-third revenue gap is an estimate, not reported same-store sales. The $80 million figure is approximate, the portfolio changed during the year, and Hardee’s benchmark covers freestanding restaurants with complete full-year data; Superior Star’s format mix was not disclosed. Lease rejection and tax repayment terms could improve the surviving estate, while weak demand or further repair needs could force more closures.
Hardee’s has already shown it may take back selected sites after a franchisee fails. ARC Burger closed 77 restaurants before filing for Chapter 7 liquidation, and the brand had reopened 25 as company-operated units by July 10, with more planned. For investors, the warning is not the $80 million top line. It is how quickly that number thins when matched to the restaurants that produced it.
