The restaurant world is having a rough year, and nobody is hiding it. Ninety-Nine Restaurants might be sold soon. Will Arnett is telling you to eat better. And Carl’s Jr. is taking a swing at the burger chain that wears a paper crown.
The trouble is real. Chains are cutting back on dining. Some sectors are doing fine — coffee, beverages and snacks, chicken. Others are not. The Technomic Top 500 shows it: sales slowed again in 2025.
Cannae’s Strategic Review and Ninety-Nine’s Stand
Cannae Holdings is the parent company to Ninety-Nine Restaurants, the now-defunct O’Charley’s, and several European sports clubs. They told investors earlier this year that they were going under strategic review to narrow their investment focus to mostly sports and entertainment.
The first result came a couple of weeks ago when O’Charley’s abruptly closed all corporate locations. Now Ninety-Nine Restaurants might be sold soon, according to the Boston Globe.
Cannae CEO Ryan Caswell recently hinted to investors that he already had a buyer lined up. Ninety-Nine restaurants declined to either confirm or deny these rumors.
Ninety-Nine restaurants declined to either confirm or deny these rumors.
Will Arnett’s Inner Voice in Subway’s New Campaign
Will Arnett is the voice of everybody’s subconscious in a new marketing campaign from Subway. In the new “Feed Your SUBconscious” platform that debuted Monday, the actor and comedian Arnett plays the inner voice that urges consumers to make better food choices.
The campaign pushes sandwiches made to order with loads of veggies and bread baked daily. The pitch is simple: choose Subway instead of a fast-food burger, or skip meals with a protein bar or jerky. Arnett’s job is to be the voice that says you should.
It is a clever angle. Most fast-food marketing tells you what you want. Subway’s campaign tells you what you should want instead. Arnett is a known quantity, so the subconscious bit carries weight without the company having to explain it.
Carl’s Jr. Takes On the Chain With the Crown
Carl’s Jr is going after another fast-food brand with a new diss marketing campaign. The CKE burger chain invites customers to upload an image of a paper crown or receipt from a “royally disappointing burger chain” to receive a free burger.
The promotion simultaneously promotes Carl’s Jr.’s Angus Maximus burger while emphasizing how the brand’s food is made to order — as compared with many other mainstream fast food brands like Burger King.
The campaign is direct. It asks customers to show proof of a bad experience at a rival. That is not subtle, and it is not meant to be. Carl’s Jr. is making a point about how its food is made — fresh, made to order — in a category where most brands are not.
What the Numbers Show
The Technomic Top 500 data is the backdrop for all of this. Sales slowed again in 2025 as consumers cut back on dining. Some sectors are doing fine — coffee, beverages and snacks, chicken. Others are not.
The data does not say which chains are down and which are up. It just says the category as a whole is under pressure.
Carl’s Jr’s Free-Burger Promotional Structure
The Carl’s Jr. campaign is worth pausing on. Customers upload an image of a paper crown or receipt from a rival. They get a free burger. The promotion simultaneously promotes Carl’s Jr.’s Angus Maximus burger while emphasizing how the brand’s food is made to order.
The structure is simple. The message is clear. It is a direct shot at the chain that wears the crown.
The campaign is a classic example of diss marketing. It is not a comparison of ingredients or price. It is a comparison of experience. The crown is a symbol, and Carl’s Jr. is asking customers to trade in that symbol for a free burger.
The Pattern in Fast-Food Marketing
Both campaigns follow a familiar pattern in fast-food marketing. Carl’s Jr. is taking a swing at a rival. Subway is positioning itself as the better choice.
The O’Charley’s closure is the clearest signal of the broader pressure. Ninety-Nine Restaurants might be sold soon.
The Verdict on the Week’s News
The week’s news is a mix of strategy, creativity and competition. Cannae is moving on Ninety-Nine Restaurants. Subway has a new voice in Arnett. Carl’s Jr. is taking a swing at the chain with the crown.
Ninety-Nine Restaurants might be sold soon. That is the clearest takeaway from the Boston Globe report and Caswell’s hint to investors. The company declined to confirm or deny the rumors.
Will Arnett is the voice of everybody’s subconscious. That is the creative hook for a sandwich chain trying to get you to eat better. The campaign debuted Monday.
Carl’s Jr. is going after another fast-food brand with a new diss marketing campaign. The free-burger promotion is a simple structure — upload proof of a bad experience, get a free burger. The message is clear: Carl’s Jr. food is made to order, and the brand is not afraid to say it.
The pattern in fast-food marketing is competition. Carl’s Jr. is taking a swing at a rival. Subway is positioning itself as the better choice. The O’Charley’s closure is the clearest signal of the broader pressure.
Ninety-Nine Restaurants might be sold soon. That is the state of play. The Globe report stands, and Caswell’s hint to investors reads as a signal the process is moving.
Source material: “Ninety-Nine Restaurants, Will Arnett/Subway, Carl’s Jr. ad,” Nation's Restaurant News.
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