I. Executive Summary: The Crossroads for a Challenger Brand
Jack in the Box Inc. (NASDAQ: JACK) stands at a critical inflection point. It confronts a confluence of severe financial distress, deteriorating operational performance, and an intensely competitive market.
Casual observations of low customer traffic and concerns over the company’s debt are not unfounded. They are the surface-level indicators of deep-seated structural and strategic challenges. The company navigates a precarious financial position, characterized by a substantial debt load, negative shareholder equity, and alarming declines in sales and customer traffic.
The 2022 acquisition of Del Taco was once heralded as a synergistic masterstroke. However, it has underperformed significantly, and management is now considering its divestiture.
Characterizing the company as being in a slow, inevitable decline would be a mistake. This view ignores the radical and decisive actions management recently undertook. The bull case, and the company’s narrow path to survival, rests entirely on a comprehensive turnaround strategy. Management unveiled this plan, dubbed “JACK on Track,” in April 2025.¹
This is not a plan for incremental improvement. It is a high-stakes restructuring. The plan is designed to rapidly de-leverage the balance sheet, optimize the restaurant footprint, and overhaul core operations.
This report provides an exhaustive analysis of Jack in the Box’s current situation. The following sections first dissect the high-level concerns mentioned above. They provide a granular analysis of the company’s financial statements to quantify the depth of the crisis.
The report then deconstructs the strategic failure of the Del Taco acquisition. It also analyzes the competitive landscape that has exacerbated the company’s struggles. Finally, and most critically, the report presents the bull case by detailing the “JACK on Track” plan.
The central thesis is this: the risk of bankruptcy is tangible and severe. However, a plausible, albeit narrow, path to survival now exists. The company’s future will not be determined by its past performance. Instead, its ability to execute this ambitious and necessary transformation will determine its future.
II. Anatomy of a Stressed Enterprise: A Financial Deep Dive
An analysis of the company’s most recent financial disclosures reveals a business under significant strain. The user’s concerns regarding debt and poor performance are validated by the official figures in the company’s SEC filings. These filings paint a picture of a leveraged enterprise with deteriorating fundamentals.
A. The Balance Sheet Burden: More Than Just Debt
The balance sheet reveals the most immediate risks to the company’s viability. It reflects years of aggressive capital allocation strategies. These strategies have left it with little room to maneuver in the current downturn.
As of the third fiscal quarter ended July 6, 2025, Jack in the Box reported approximately $1.71 billion in total long-term debt, including current maturities.² This level of leverage is substantial for a company of its size. It becomes particularly concerning when juxtaposed with its declining operational cash flow.
A total stockholders’ deficit of $951.6 million compounds this issue.² A negative equity position is often a technical sign of insolvency, where total liabilities exceed total assets. However, the origin of this deficit is crucial to understanding the company’s true financial state.
The deficit is not the result of accumulated operating losses that have eroded the company’s equity base over time. Instead, a long-standing and aggressive share repurchase program created the deficit as an accounting artifact. The balance sheet shows a staggering $3.2 billion held in “Treasury stock.”² This figure represents the cumulative cost of shares the company has bought back from the market over many years.
This history reveals a past strategic priority. The company used cash flow and debt to return capital to shareholders. This boosted metrics like Earnings Per Share (EPS) and supported the stock price. While this strategy is effective in periods of stable growth, it came at the cost of building a resilient balance sheet.
Now, with operations faltering, this lack of an equity cushion has become a critical vulnerability. The company has no financial buffer to absorb further losses. It also possesses limited capacity to take on additional debt to fund its turnaround. This constrained financial flexibility is the primary driver behind the drastic measures in the “JACK on Track” plan.
The immediate bankruptcy risk, therefore, stems not from the historical accounting deficit itself. It stems from the real-world lack of financial resilience it represents in a crisis.
Furthermore, the company’s near-term liquidity position is precarious. As of July 6, 2025, total current assets stood at $200.4 million. Total current liabilities were more than double that figure at $432.9 million.² This yields a current ratio of just 0.46, a clear indicator of a potential cash crunch if operations do not stabilize quickly.³
B. Performance Under Pressure: Quantifying the Decline
Sharp deterioration in operational performance is magnifying the balance sheet pressures. For the third fiscal quarter of 2025, Jack in the Box reported a system-wide same-store sales decline of 6.4%. A concerning 6.6% drop in customer transactions drove this result.²
News reports have highlighted that the brand-specific decline of 7.1% for Jack in the Box restaurants marks the worst quarterly performance in 15 years.⁴, ⁵ This is not a minor dip. It signals a significant loss of market share and customer relevance.
The company managed to increase its average check size by 0.2% during the quarter. However, it achieved this through price increases of 2.3%. This indicates that higher prices are failing to offset the dramatic loss of traffic.²
The income statement reflects this operational decay. For the nine months ending July 6, 2025, the company posted a net loss of $86.5 million.² A massive, non-cash impairment charge of $209.6 million against goodwill and other intangible assets heavily influenced this loss.²
Such a charge is a formal acknowledgement by management. It means the future earning power of certain assets is significantly lower than their carrying value on the balance sheet. These assets are very likely related to the underperforming Del Taco acquisition. This writedown is a stark admission that the economic reality of the business has worsened considerably.
Consolidated Financial Snapshot
| Income Statement (In Thousands) | Quarter Ended July 6, 2025 | Year-to-Date Ended July 6, 2025 |
| Total Revenues | $332,987 | $1,139,121 |
| Earnings (Loss) from Operations | $40,788 | $(42,079) |
| Impairment of Goodwill & Intangibles | $6,326 | $209,556 |
| Net Earnings (Loss) | $22,027 | $(86,515) |
| Balance Sheet (In Thousands) | As of July 6, 2025 |
| Total Assets | $2,596,091 |
| Total Liabilities | $3,547,712 |
| Long-Term Debt, net of current maturities | $1,680,812 |
| Total Stockholders’ Deficit | $(951,621) |
Data sourced from Q3 2025 10-Q filing.²
C. Cash Flow and Debt Serviceability
The combination of high debt and falling earnings creates a dangerous situation for debt serviceability. For the third quarter of 2025, the company’s net interest expense was $17.9 million.²
More alarmingly, financial data aggregators report an interest coverage ratio of just 0.04. This means that earnings before interest and taxes are far from sufficient to cover interest payments.³ This is a critical red flag for creditors and a primary indicator of heightened default risk.
It is this metric that makes the “JACK on Track” plan’s urgent focus on debt reduction an absolute necessity. The plan’s initiatives are not merely strategic choices. They are essential measures to generate the cash required to service its debt and stave off a potential default. These initiatives include suspending the dividend, which will save approximately $35 million annually, and selling real estate with a target of over $100 million in proceeds.¹, ⁶
III. The Del Taco Gambit: From Strategic Synergy to Potential Divestiture
The user’s skepticism regarding the Del Taco acquisition is well-founded. The acquisition was presented as a key pillar of future growth. It has since devolved into a significant operational and financial drag. This situation forced a strategic reversal that underscores the initial miscalculation.
A. The Original Thesis: A Flawed Blueprint?
In March 2022, Jack in the Box completed its acquisition of Del Taco for approximately $585 million.⁷, ⁸ The strategic rationale was, on its face, compelling. Management articulated a vision of combining two distinct “challenger brands” to create a more formidable QSR player.⁹, ¹⁰
The deal promised to:
- Deliver significant economies of scale in supply chain and procurement.⁹, ¹⁰
- Provide a strong foothold in the fast-growing Mexican QSR category.⁹
- Leverage Jack in the Box’s franchising expertise to accelerate Del Taco’s unit growth.⁹, ¹⁰
The company projected that the combination would generate approximately $15 million in run-rate cost synergies by the end of fiscal 2023. This would create a financially stronger and more diversified entity.⁹, ¹¹
B. A Troubled Integration and External Shocks
The post-acquisition reality has failed to align with this optimistic blueprint. The integration was immediately beset by a combination of difficult execution and severe, unforeseen external pressures.
Operationally, Del Taco has consistently underperformed. It has posted negative same-store sales every quarter since the acquisition. These include declines of 3.9% in Q4 2024,¹² 3.6% in Q2 2025,¹ and 2.6% in Q3 2025.²
This poor performance was not solely a matter of internal execution. The acquisition was predicated on a stable operating environment where synergies could be methodically realized. Instead, the company was immediately confronted with two major external shocks that directly attacked Del Taco’s business model.
- First, the passage of California’s AB1228 mandated a significant minimum wage increase for fast-food workers. This disproportionately impacted Del Taco due to its heavy concentration in that state.¹, ¹²
- Second, broad macroeconomic inflation squeezed the wallets of Del Taco’s core value-oriented customers.
Management has explicitly acknowledged these “unexpected challenges.” They stated the company “took an immediate hit to the P&L” and that these factors were not in the original acquisition model.¹
The combination of these pressures rendered the pre-deal financial projections obsolete. Management was forced into a defensive position, grappling with severe margin compression and falling customer traffic. The promised synergies were never fully realized. An asset purchased for growth quickly became a significant financial burden, as evidenced by the massive goodwill impairment charge.
Anecdotal evidence also suggests customer dissatisfaction. Online forums feature complaints about declining food quality and unpopular menu changes since the takeover, further compounding the brand’s challenges.¹³, ¹⁴
C. Strategic Pivot: Divestiture as a Lifeline
The culmination of these issues is the company’s recent announcement that it is exploring “strategic alternatives” for Del Taco. This corporate euphemism typically includes a potential sale.¹ As part of this process, the company has suspended all future financial guidance for the brand, signaling its uncertain future within the corporate structure.¹
Management’s stated goal is to “simplify our model” and refocus on the core Jack in the Box business.¹ This pivot represents a necessary, if painful, admission of failure.
A sale of Del Taco would provide a crucial infusion of cash. This cash could be used to execute the most critical part of the turnaround plan: paying down debt. It would also allow the leadership team to dedicate its full attention to stabilizing the flagship brand.
However, this move is not without significant costs. It would almost certainly force the company to realize a substantial loss on its $585 million investment. Furthermore, it would mean abandoning its strategic position in the highly attractive Mexican QSR segment. This would effectively cede that ground to powerful competitors like Taco Bell and Chipotle.¹⁵ The sale would improve the balance sheet but simultaneously weaken the company’s long-term growth narrative—a difficult trade-off for a company desperate for a compelling investor story.¹⁵
IV. The Competitive Gauntlet: Lagging in a Crowded Field
Jack in the Box’s internal struggles are occurring within a fiercely competitive QSR landscape. The entire industry is facing headwinds from a squeezed consumer. However, the company’s performance is lagging significantly behind its primary competitors. This indicates a loss of market share and a failure to resonate with customers.
A. Comparative Performance: A Tale of Two Tiers
The performance gap between Jack in the Box and its peers is stark. In the most recent reported quarter, Jack in the Box posted a devastating 7.1% decline in same-store sales. In contrast, its main rivals demonstrated far greater resilience.⁴, ¹⁶ The data reveals a clear divergence in the market, where stronger brands are successfully navigating the challenging environment while weaker ones are faltering.
| QSR Competitive Scorecard (U.S. Same-Store Sales) | Most Recent Quarter | SSS Growth (%) |
| Jack in the Box | Q3 FY2025 | $(7.1)%$¹⁶ |
| Del Taco | Q3 FY2025 | $(2.6)%$¹⁶ |
| Wendy’s | Q2 FY2025 | $(3.6)%$¹⁷ |
| Burger King | Q2 FY2025 | $1.5%$¹⁸ |
| McDonald’s | Q2 FY2025 | $2.5%$¹⁹ |
| Taco Bell | Q2 FY2025 | $4.0%$²⁰ |
Sources:⁴, ¹⁶, ¹⁷, ¹⁸, ¹⁹, ²⁰, ²¹, ²² Note: Quarters vary by company’s fiscal calendar.
This competitive scorecard quantifies the depth of Jack in the Box’s underperformance. Brands like Taco Bell and McDonald’s are not just surviving but are finding ways to grow. They leverage their scale, marketing power, and value offerings to attract and retain customers.²⁰, ²³ Even Burger King, which has faced its own turnaround challenges, managed to post positive growth.²¹ Jack in the Box is not simply a victim of a tough market; it is actively losing ground to its rivals.
B. The Demographic Headwind: A Concentrated Risk
The company’s unique customer demographics are a key factor explaining its outsized struggles. Management made a critical disclosure in an August 2025 earnings call.
“Jack in the Box significantly over-indexes with Hispanic guests, who, especially in our core markets, face uncertainty and have pulled back their spending. This issue is having an outsized impact on our sales”.⁴, ⁶
This heavy reliance on a specific, and currently economically pressured, demographic represents a concentrated risk. Having a loyal core customer base is typically a strength. However, it becomes a significant vulnerability when that base is disproportionately affected by economic downturns.
This explains why Jack in the Box is suffering more acutely than competitors with a broader demographic appeal. It also elevates the importance of the brand’s value proposition from a mere marketing tactic to an existential necessity. The company’s fate is directly tied to the financial health of its core customers. Its recent price increases, intended to offset inflation, have likely damaged this crucial relationship and exacerbated traffic declines.
V. The Bull Case: Can “JACK on Track” Engineer a Turnaround?
Despite the bleak financial and operational picture, a bull case for Jack in the Box exists. The overarching goal of the “JACK on Track” plan is to improve long-term financial performance. It also aims to return the company to a simplified, asset-light business model by strengthening the balance sheet and streamlining operations.¹
This bull case is not built on the company’s recent performance. It is a forward-looking argument. It is predicated on the belief that this new strategic plan is both credible and capable of engineering a successful turnaround. Optimistic investors are not buying a healthy company. They are investing in a distressed asset with a detailed and plausible plan for recovery.
A. Deconstructing the Blueprint: A Three-Pillar Strategy
The “JACK on Track” plan, unveiled in April 2025, is a comprehensive strategy. It is designed to address the company’s core weaknesses through three distinct but interconnected pillars.¹
Pillar 1: Fortifying the Balance Sheet
The plan’s most urgent priority is to de-risk the company by aggressively strengthening the balance sheet. The central goal is to pay down at least $300 million in debt over the subsequent 12 to 18 months.¹ This is not an abstract target; specific, actionable initiatives back it.
- Dividend Suspension: The immediate suspension of the company’s quarterly dividend. This move is expected to conserve approximately $35 million in cash annually.¹
- Real Estate Sales: A plan to sell company-owned real estate (land and buildings) that is currently leased to approximately 170 franchised restaurants. Management is targeting proceeds of at least $100 million.⁶
- Del Taco Sale: The third, and potentially largest, source of funds would be the proceeds from the sale of Del Taco.
Bulls view this as a clear and credible pathway to reducing leverage, improving cash flow, and mitigating the immediate risk of a liquidity-driven bankruptcy.
Pillar 2: Footprint Optimization
The second pillar involves a strategic rationalization of the company’s restaurant portfolio. The plan calls for the closure of 150 to 200 underperforming restaurants. Most of these are legacy locations that have been in the system for over 30 years.¹, ²⁴
From a bull’s perspective, this is not a sign of retreat but of smart capital allocation. By pruning these unprofitable or low-margin units, the company can immediately improve system-wide profitability. It can also reduce capital expenditure on maintenance and allow management to focus resources on healthier locations.
Crucially, the plan does not call for a permanent contraction. Management has guided that upon completion of this closure program, the company expects to return to positive net unit growth. Plans include 35 to 40 gross new restaurant openings in fiscal 2025, targeting expansion in new and existing markets.¹, ²⁵
Pillar 3: Operational Overhaul (“Jack’s Way”)
The third pillar, dubbed “Jack’s Way,” represents the long-term engine for value creation.⁶ This multi-faceted initiative aims to fix the core customer experience by “getting back to basics.”¹⁶ The plan includes several key actions:
- Operational Consistency: A focus on consistent quality across core menu items, which requires enhanced training for employees.²⁶
- Employee Motivation: Reintroducing recognition programs to motivate and reward high-performing workers.²⁶
- Store Modernization: A multi-year initiative to reimage at least 1,000 additional restaurants, addressing the brand’s antiquated store base.⁶
- Menu Strategy: A renewed focus on menu innovation and value.
Bulls point to the recent success of new product launches like the SmashedJack burger as evidence that the brand can still create excitement and drive check growth.²⁶ The SmashedJack sold out in just two weeks during a soft launch with no paid media promotion. It broke a six-year record for the highest launch-week sales of any burger product.²⁷ In consumer taste tests, it was rated as the best burger in fast food compared to offerings from McDonald’s, Wendy’s, and Burger King.²⁸, ²⁹
Finally, management has acknowledged that its “value equation has gotten a bit off track.”⁶ The company is committed to creating more compelling offers to win back its price-sensitive core customers.
The logic of the bull case rests on a specific sequence. The financial engineering of the first pillar must succeed in buying the company enough time and resources for the operational fixes of the third pillar to take hold. The asset sales and dividend cut are the essential triage needed to stabilize the patient. The store reimages and menu enhancements are the long-term therapy required for a full recovery. If management can successfully execute the financial restructuring, it creates a bridge to a future where a revitalized brand can begin to grow organically once more.
B. Valuation: A High-Risk, High-Reward Bet
The investment thesis for JACK is fundamentally a deep-value and special-situation argument. The stock’s valuation reflects the significant risks of failure. It trades at deeply discounted multiples, such as a Price-to-Sales ratio of 0.25 and a normalized Price-to-Earnings ratio of 3.62.³ These are metrics typically associated with companies in distress.
This low valuation provides a significant margin of safety. It also creates the potential for substantial returns if the turnaround is successful. The wide dispersion of analyst price targets—with lows around $16 and highs reaching up to $112—perfectly encapsulates this binary set of potential outcomes.³⁰, ³¹, ³²
The low end of the range reflects a scenario where the “JACK on Track” plan fails, and the company’s equity value trends toward zero. The high end, however, envisions a scenario where debt is reduced, margins are restored, and sales stabilize. This would lead to a dramatic re-rating of the stock. Bulls are betting that the market has overly punished the stock for its past performance. They believe the market is underestimating the transformative potential of the new strategic plan.
VI. Synthesized Outlook and Final Assessment
A. Execution Risks and Headwinds
The “JACK on Track” plan provides a plausible roadmap for recovery. However, its execution is fraught with significant risks that could derail the turnaround. Management’s ability to mitigate these risks will be as crucial as the strategy itself.
- Asset Divestiture Risk: The plan relies heavily on generating cash from asset sales, including Del Taco and company-owned real estate. A failure to sell Del Taco, or a sale at a deep discount, would severely hamper the company’s ability to meet its $300 million debt reduction target.¹⁵ Similarly, a significant cash shortfall would occur if real estate sales do not generate the targeted $100 million.⁶ Management has stated a focus on receiving “fair market value” for its real estate, which suggests a disciplined approach.⁵ However, a weak market could delay these critical transactions.
- Operational and Brand Risk: Financial restructuring alone does not solve the underlying issues of an aging brand and lagging menu innovation.¹⁵ There is a risk that the company may fail to win back customers, even with a healthier balance sheet. This could mean ceding permanent market share to more agile competitors like Sonic and Raising Cane’s, particularly in markets where it is closing stores.³³ The phased approach to store closures is designed to manage this risk, but the brand’s reputation could still suffer.¹⁵
- Strategic Risk: Selling Del Taco is a tactical retreat. It weakens the company’s long-term growth narrative by exiting the attractive Mexican QSR category. This could leave a smaller Jack in the Box more exposed and vulnerable in the hyper-competitive burger segment.¹⁵, ³³
- External Pressures: The company remains vulnerable to external factors beyond its control. Renewed supply chain disruptions, persistent labor shortages, or a further downturn in consumer spending could undermine the plan’s financial assumptions and timelines.³⁴
B. Weighing the Probabilities: A Turnaround on a Knife’s Edge
Jack in the Box is not currently bankrupt. However, it is a company operating under immense financial and competitive pressure. The user’s bearish thesis is well-supported by the company’s recent performance data and its highly leveraged balance sheet. The risk of insolvency is real and should not be underestimated.
A failure to execute the planned asset sales in a timely manner could precipitate a default. A further acceleration of same-store sales declines or a seizure in the credit markets that prevents debt refinancing could also lead to default.
However, the company is not passively awaiting this fate. The “JACK on Track” plan is a decisive and comprehensive strategy that directly addresses the company’s most pressing issues. The new management team appears to have a clear-eyed view of the challenges. They have laid out a logical, if difficult, path forward.
The situation is further complicated by the emergence of an activist investor, Biglari Capital. The firm recently increased its stake to 9.9% and signaled its intent to acquire more shares.³⁵ This prompted the board to adopt a “poison pill” (a shareholder rights plan) to prevent a hostile takeover.³⁵ While Biglari has not issued specific demands, the shift from a “passive” to an “activist” stance indicates an intent to influence management. This adds another layer of pressure on the board to execute its strategy and unlock shareholder value.³⁶
The company’s survival, therefore, rests on a knife’s edge. It depends entirely on management’s ability to execute its complex turnaround plan with precision and urgency. It must do so while navigating a difficult macroeconomic environment and potential shareholder activism.
C. The Path Forward: Key Milestones for Survival
The investment case for Jack in the Box is a bet on execution. The stock’s trajectory over the next 12 to 18 months will be determined by the company’s ability to meet a series of critical milestones. Investors should closely monitor the following key signposts as indicators of whether the turnaround is succeeding or failing:
- Successful Divestiture of Del Taco: The announcement of a sale of Del Taco will be the single most important near-term catalyst. The price received will be critical. A valuation near the original purchase price would be a major victory. A significant writedown would be a setback, though still likely a net positive if it provides sufficient cash for debt reduction.
- Progress on Debt Reduction: Quarterly financial reports must show tangible progress toward the stated goal of reducing debt by at least $300 million. Tracking the line items for long-term debt and cash from asset sales will be paramount.
- Stabilization of Same-Store Sales: The precipitous decline in same-store sales must be arrested. The first sign of success will be a moderation in the rate of decline, followed by a flattening of the trend. A return to even slightly positive transaction growth would be a powerful signal that the operational initiatives are beginning to resonate with customers.
- Margin Improvement: Investors should monitor company-owned restaurant-level margins and franchise-level margins. Evidence that the closure of underperforming stores and other operational efficiency measures are leading to improved profitability will be a key indicator of the plan’s effectiveness.
In conclusion, the concerns that prompted the initial query are deeply rooted in the company’s factual performance. However, a credible—though undeniably high-risk—plan for survival is now in place. The market’s current valuation reflects profound skepticism, but it also offers significant upside if management can successfully navigate this perilous turnaround.
The future of Jack in the Box is not yet written. Its stock will trade as a direct reflection of the market’s evolving confidence in the execution of the “JACK on Track” strategy. For Jack in the Box, and for other legacy challenger brands watching from the sidelines, this turnaround attempt will serve as a crucial case study. It will show whether a company can engineer a recovery from the brink in a hyper-competitive industry.
Works Cited
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- Coley, B. “Why Customers Love Jack in the Box’s New Smashed Jack.” QSR Magazine. January 25, 2024. https://www.qsrmagazine.com/growth/why-customers-love-jack-in-the-boxs-new-smashed-jack/
- Jack in the Box Inc. “Jack in the Box Smashes into 2024 with New Smashed Jack Burger.” Jack in the Box Investor Relations. January 2, 2024. https://investors.jackinthebox.com/news/news-details/2024/Jack-in-the-Box-Smashes-into-2024-with-New-Smashed-Jack-Burger/default.aspx
- “Jack in the Box (JACK) Unveils Game-Changing Smashed Jack Burger.” Nasdaq. January 3, 2024. https://www.nasdaq.com/articles/jack-in-the-box-jack-unveils-game-changing-smashed-jack-burger
- “JACK Stock Forecast: Analyst Ratings, Predictions & Price Target 2025.” Fintel. September 2, 2025. https://fintel.io/sfo/us/jack?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=stifel-maintains-jack-in-the-box-jack-hold-recommendation-375
- “JACK Stock Price Quote & News.” Robinhood. October 9, 2025. https://robinhood.com/us/en/stocks/JACK/
- “Jack in the Box Analyst Data.” Business Insider. October 9, 2025. https://markets.businessinsider.com/stocks/jack-stock
- “Jack in the Box Just Closed All Its Kansas City Locations. But Experts Say This is a Good Thing.” RetailWire. June 12, 2025. https://retailwire.com/jack-in-the-box-kansas-city-closed/
- “Supply chain and labor issues hurt Jack in the Box sales.” Restaurant Business Magazine. November 23, 2021. https://www.restaurantbusinessonline.com/financing/supply-chain-labor-issues-hurt-jack-box-sales
- Littman, J. “Jack in the Box prescribes poison pill to sicken activist investor.” Restaurant Dive. July 2, 2025. https://www.restaurantdive.com/news/jack-in-box-poison-pill-activist-investor-biglari-capital/752175/
- Maze, J. “Sardar Biglari goes activist on Jack in the Box.” Restaurant Business Magazine. July 11, 2025. https://www.restaurantbusinessonline.com/financing/sardar-biglari-goes-activist-jack-box
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