MEDFORD, Oregon, July 6, 2026, 15:07 PDT
- Rogue Fare LLC, which runs five Mountain Mike’s Pizza shops in Oregon, filed for Chapter 11 protection July 1. The company lists assets between $0 and $50,000, with liabilities from $1 million to $10 million.
- So far, named claims total over $4.6 million, with each restaurant at more than $921,000.
- The filing lets investors get a look at the private side as Yum Brands NYSE:YUM leaves Pizza Hut and Papa John’s International NASDAQ:PZZA trims underperforming stores.
Rogue Fare LLC, which runs five Mountain Mike’s Pizza outlets in southern Oregon, filed for Chapter 11 bankruptcy on July 1. The Medford company listed debts, putting a number to a chunk of the pizza business that isn’t public but still matters to lenders, vendors, and public competitors. Rogue Fare’s stores are in Klamath Falls, Grants Pass, Roseburg and two Medford spots, according to court papers and state records cited in reports.
The petition range only tells part of the story for investors. Creditor claims in the case come to over $4.6 million. First Bank of the Lake is owed over $2.9 million, while First Internet Bank of Indiana is listed at more than $1.5 million. The U.S. Small Business Administration is owed over $120,000, Credit Associates more than $63,000, Parifin-DoorDash more than $13,000, and Performance Food Group NYSE:PFGC is owed over $10,000.
Based on those numbers, the named claims reported are almost equal to a year’s average sales for five Mountain Mike’s stores. The company says its shops made $1,009,266 in average sales in 2025. Its franchise investment guide lists starting costs between $356,000 and $993,946.
| Measure | Figure | Investor read-through |
|---|---|---|
| Named claims reported in the case | More than $4.6 million | Works out to more than $921,000 per restaurant |
| Petition assets | $0-$50,000 | Named claims are at least 92 times higher than the upper end of assets |
| Five stores at Mountain Mike’s 2025 average sales | About $5.05 million | Claims make up about 91% of that kind of sales figure |
| Mountain Mike’s estimated new-unit investment | $356,000-$993,946 | Per-location named claims are close to the top of the start-up investment range |
Rogue Fare hasn’t said why it filed, according to first reports. The docket shows a voluntary Chapter 11 in the U.S. Bankruptcy Court for the District of Oregon, Eugene division, with Judge Kathryn F. Evans on the case.
The case clashes with Mountain Mike’s growth message. The chain is private, fully franchised and runs over 300 locations. In May, CEO Jim Metevier told Restaurant Dive there was still “a lot of green space,” but that picking the “right franchisee” in each area was key. He said, “All we care about is one number, which is 100%” of franchisees being successful. Restaurant Dive
Lenders are backing the strategy. Mountain Mike’s said in June it won the 2026 TopScore FUND Award from FRANdata, which provides a credit-risk rating for franchise systems that banks use. FRANdata CEO Darrell Johnson said the brand had what banks look for, like “strong unit economics to consistent franchisee outcomes.” Business Wire
The Rogue Fare bankruptcy by itself doesn’t make Mountain Mike’s a public-market name. The pizza chain is private, and only this franchisee is in court. But the case gives a clearer look at debt per store than typical unit-count stories in a field where public players have already started closing underperforming locations.
| Listed exposure | Current pizza-market signal | Data point |
|---|---|---|
| Yum Brands NYSE:YUM | Leaving Pizza Hut business | Yum is selling Pizza Hut for $2.7 billion. Ex-China Pizza Hut goes to LongRange Capital, while Yum China (NYSE:YUMC) takes over the mainland China stores. |
| Papa John’s International NASDAQ:PZZA | Shutting underperformers in North America | Papa Johns expects to close 300 restaurants by end-2027, with about 200 of those in 2026. Most are older franchise units making less than $600,000 per year. |
| Performance Food Group NYSE:PFGC | Creditor to pizza franchisee | Performance Food Group listed as creditor for more than $10,000 in Rogue Fare bankruptcy. |
Pizza demand is showing more price sensitivity. Restaurant Business, using Technomic data, said the average pizza now costs $17.61, a jump of 15.1% over five years. The survey found 35% of consumers are ordering pizza less due to higher prices.
Yum is pitching the Pizza Hut sale as a move to be a “more focused company.” The group expects $2.3 billion in net proceeds after costs, and the board signed off on a $4 billion buyback. That sets up a clear exit for public shareholders. Franchisee court records show another angle: debt can pile on at lower levels before the number of stores starts to drop. Yum! Brands Investors
BKAlerts lists a cash-collateral hearing on July 7, a creditors’ meeting for Aug. 3, and a deadline to file claims on Sept. 9.
