According to Checkers' 2025 Franchise Disclosure Document, the accumulated earnings (deficit) as of December 28, 2020, was reported as a deficit of $326,643. This figure represents the cumulative losses Checkers has incurred over its operating history up to that date. It is a key indicator of the company's overall profitability and financial health at that specific point in time.

For a prospective franchisee, this historical deficit may raise concerns about the financial stability of Checkers. While a deficit does not necessarily indicate ongoing financial problems, it suggests that the company has experienced periods of unprofitability in the past. It's important to consider this figure in conjunction with more recent financial statements to understand Checkers' current financial trajectory. A franchisee should look for evidence of improved profitability and a trend toward positive accumulated earnings in subsequent years.

It is also important to note that the accumulated earnings (deficit) is just one aspect of Checkers' overall financial picture. A potential franchisee should carefully review all of the financial statements included in Item 21 of the FDD, including the balance sheets, income statements, and cash flow statements, to gain a comprehensive understanding of the company's financial condition. Additionally, it would be prudent to consult with a financial advisor to assess the potential risks and rewards of investing in a Checkers franchise, given its historical financial performance.

Finally, keep in mind that past performance is not necessarily indicative of future results. While the accumulated deficit as of December 28, 2020, provides valuable context, the success of a Checkers franchise will depend on a variety of factors, including the franchisee's management skills, the location of the restaurant, and overall market conditions. Therefore, a thorough due diligence process is essential before making any investment decision.