Where can I find the audited combined consolidated financial statements for the CKE Securitization Entities related to Hardees in the FDD?
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 for the CKE Securitization Entities, which include Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC, and Hardee's Funding LLC, are included as Exhibit K to the document. 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.
Exhibit K also contains 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. The CKE Securitization Entities have also agreed to guarantee the franchise agreements, ensuring they will assume the obligations if Hardees is unable to perform its duties; these guarantees are detailed in Exhibit J.
In addition to the CKE Securitization Entities' financial statements, Exhibit K includes the audited consolidated financial statements for CKE Restaurants Holdings, Inc., Hardees's indirect corporate parent. 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 corresponding fiscal years, along with notes. Also included are consolidated balance sheets as of January 29, 2024, and January 30, 2023, with related financial statements for those years. These statements from CKE Restaurants Holdings, Inc. are provided for informational purposes, as they provide required support and services to Hardees.