Meritage Hospitality Group, a major Wendy's franchisee operating 314 locations, filed for Chapter 11 bankruptcy after closing 60 restaurants earlier this year. The filing follows six consecutive quarters of declining same-store sales at Wendy's and mounting costs, with Meritage's store-level earnings falling 48% last year. The company cited weak brand performance and financial pressures as reasons for seeking bankruptcy protection to restructure its balance sheet.