What entities are included in the Combined Consolidated Financial Statements for Hardees?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
Attached to this disclosure document as Exhibit K are the audited combined consolidated financial statements of the CKE Securitization Entities (Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Carl's Jr. Funding LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC and Hardee's Funding LLC), which comprise (1) the combined consolidated balance sheets as of January 27, 2025 and January 29, 2024, and the related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, and the related notes to the combined consolidated financial statements; and (2) the combined consolidated balance sheets as of January 29, 2024 and January 30, 2023, and the related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, and the related notes to the combined consolidated financial statements. Each of the CKE Securitization Entities (other than HR) has agreed absolutely and unconditionally to guarantee to assume our duties and obligations under the franchise agreements entered into by us, should we become unable to perform our duties and obligations. A copy of those guarantees are attached as part of Exhibit J to this disclosure document.
Also attached as Exhibit K are the audited consolidated financial statements for HR's indirect corporate parent, CKE Restaurants Holdings, Inc. ("CKR") (formerly known as CKE Restaurants, Inc.), which comprise (1) consolidated balance sheets as of January 27, 2025 and January 29, 2024, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements; and (2) consolidated balance sheets as of January 29, 2024 and January 30, 2023, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements. As noted in Item 1, CKR will be providing required support and services
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the audited combined consolidated financial statements of the CKE Securitization Entities include Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Carl's Jr. Funding LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC, and Hardee's Funding LLC. These statements comprise combined consolidated balance sheets as of January 27, 2025, and January 29, 2024, along with related statements of income, members' deficit, and cash flows for the fiscal years then ended, including notes. Additionally, the statements include combined consolidated balance sheets as of January 29, 2024, and January 30, 2023, with corresponding statements of income, members' deficit, and cash flows for those fiscal years, along with related notes.
Each of the CKE Securitization Entities, except HR, has agreed to guarantee the obligations under the franchise agreements. This means that these entities would assume the duties and obligations if Hardees were unable to perform them.
Also included are the audited consolidated financial statements for CKE Restaurants Holdings, Inc. (CKR), the indirect corporate parent of HR. These statements include consolidated balance sheets as of January 27, 2025, and January 29, 2024, and related statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, along with notes. Additionally, there are consolidated balance sheets as of January 29, 2024, and January 30, 2023, with corresponding statements of operations, comprehensive income, equity, and cash flows for those fiscal years, and related notes. CKR provides required support and services to Hardees.