Qdoba, Chipotle and Papa Johns
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June 2, 2026
Qdoba has closed a $435 million whole business securitization that is expected to be used to fuel the chain’s continued expansion, as well as remodels, digital makelines and other technology initiatives. It follows a $527 million continuation fund raised last year by Butterfly Equity, which acquired the Mexican fast casual chain in 2022. Qdoba is targeting approximately 2,000 restaurants, with more than 650 currently signed. In 2025, its domestic system finished with 827 units, marking a 6.4% year-over-year increase. Its sales were $1.3 billion, marking an 8% increase and outpacing the rest of its category peers.
Chipotle is testing happy hour pricing in the Kansas City, Orlando, and Tampa markets. The promotion, called “Power Up at Chipotle” includes soft or crispy tacos for $2.50 from 2 to 5 p.m. During the company’s most recent earnings call in late April, CEO Scott Boatwright said the idea behind the test is to understand where Chipotle has pricing power elasticity. The 2 to 5 p.m. timeframe is to fit the growing number of consumers turning to restaurants for snacks, the company added.
Papa Johns is taking its Toy Story 5 collaboration to a whole other planet. The company announced the collaboration last month, including exclusive and limited-time pizzas named after characters from the franchise, such as the Space Ranger Roni and Sheriff’s Roundup. Now the chain is turning select restaurants into Papa Johns Pizza Planet popups to pay homage to the movie’s famous sci-fi themed pizzeria introduced in 1995. The popups include a retro-style pizza arcade, prizes, merch and more, and will show up through June in Los Angeles, London, Seoul and Madrid.
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About the Authors
Leigh Anne Zinsmeister
Managing Editor
Leigh Anne Zinsmeister is a managing editor for Informa’s Foodservices Vertical, specifically Nation’s Restaurant News, Restaurant Hospitality, and Foodservice Director. Leigh Anne works on all of the brands’ special reports, including Nation’s Restaurant News’ annual Top 500 report and Restaurant Hospitality’s Best Cocktails and Best Sandwiches contests. She also manages the group’s digital engagement team, and was the managing editor for Supermarket News until December 2024.
Leigh Anne lives in New York City, but also claims Phoenix, Dallas and Cleveland as hometowns. Leigh Anne holds a bachelor’s degree in print journalism from the Walter Cronkite School of Journalism and Mass Communication at Arizona State University, where she also studied European history.
Email Leigh Anne at [email protected]
Leigh Anne Zinsmeister’s experience:
Group Managing Editor, Informa’s Foodservices Vertical (Aug. 2021-present)
Group Content Manager, Informa Restaurant and Food Group (Feb. 2020-Aug. 2021)
Digital Content Manager, Informa Restaurant and Food Group (April 2018-Feb. 2020)
Digital Content Producer, Informa Restaurant and Food Group (June 2016-April 2018)
Community Moderator, Mail Online (March 2014-June 2016)
Wire Editor, Gannett’s Phoenix Design studio (The Arizona Republic, The Reno Gazette-Journal, The Statesman Journal, The Great Falls Tribune, The Visalia Times-Delta, The Tulare Advance Register, The Salinas Californian, The St. George Spectrum, The Desert Sun, The Coloradoan) (Jan. 2012-March 2014)
Group Managing Editor, Informa’s Foodservices Vertical (Aug. 2021-present)
Group Content Manager, Informa Restaurant and Food Group (Feb. 2020-Aug. 2021)
Digital Content Manager, Informa Restaurant and Food Group (April 2018-Feb. 2020)
Digital Content Producer, Informa Restaurant and Food Group (June 2016-April 2018)
Community Moderator, Mail Online (March 2014-June 2016)
Wire Editor, Gannett’s Phoenix Design studio (The Arizona Republic, The Reno Gazette-Journal, The Statesman Journal, The Great Falls Tribune, The Visalia Times-Delta, The Tulare Advance Register, The Salinas Californian, The St. George Spectrum, The Desert Sun, The Coloradoan) (Jan. 2012-March 2014)
Lisa Jennings
Executive Editor, Restaurant Business
Lisa Jennings is a veteran restaurant industry reporter and editor who covers the fast-casual sector, independent restaurants and emerging chain concepts. Her experience includes other industry publications as well as the daily newspaper The Commercial Appeal in Memphis, Tenn., where she was Food Editor. Her work has been cited in the Los Angeles Times, Business Insider, FoodBeast, The Huffington Post, Time.com and more.
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