The Matt Walsh Show - I Looked Into Why Restaurant Quality Is Declining. What I Found Is SHOCKING.

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00:02:20.220 So for a long time now, I've wanted to do a deep dive

00:02:22.840 into why every single chain restaurant without exception

00:02:25.560 has become terrible in recent years.

00:02:27.800 And after I ordered a pizza a few days ago,

00:02:29.880 a pizza that tasted just like every other pizza

00:02:31.520 from Domino's, Pizza Hut, Papa John's,

00:02:33.320 Little Caesars, and so on,

00:02:34.320 I decided this investigation simply could not wait any longer.

00:02:37.480 Something is causing the quality of prepared food

00:02:39.580 to decline in a very noticeable

00:02:41.820 and frankly kind of disgusting fashion.

00:02:44.480 So what is it?

00:02:45.700 And this is a question that matters,

00:02:47.020 not just because it's annoying

00:02:48.140 that every chain restaurant in the country

00:02:49.580 serves inedible slop.

00:02:51.260 It matters because most Americans have a sense,

00:02:53.680 have a general sense that the general quality

00:02:56.620 of everything has declined across the board.

00:03:00.820 And as quality declines, quality of life declines.

00:03:04.280 So why is that happening?

00:03:05.980 I mean, what is going on?

00:03:06.960 Is it even true that it's actually happening

00:03:08.420 or is this all, are we all just being nostalgic

00:03:10.380 for do we have a rose colored glasses about the past?

00:03:13.580 Well, it is true.

00:03:14.600 And so we're gonna focus just on the issue

00:03:16.440 of restaurants here.

00:03:17.160 The very first answer that you'll hear

00:03:19.600 if you ask around on social media,

00:03:21.920 well, they'll say, well, of course,

00:03:23.080 capitalism is the culprit.

00:03:24.540 Specifically, it's the private equity companies

00:03:26.520 who are purchasing beloved brands

00:03:28.640 and then slowly strip mining them

00:03:30.760 to extract every last dollar of available profit

00:03:33.320 until nothing is left.

00:03:34.660 And therefore we need to abolish the banks

00:03:36.600 and all the investment companies

00:03:37.800 and the concept of money itself

00:03:39.080 and immediately adopt socialism.

00:03:41.060 You know, because in socialist countries,

00:03:42.640 they have really good food.

00:03:43.920 They're known for that.

00:03:44.980 That's kind of the consensus at this point.

00:03:46.320 But there are a couple of problems with the consensus.

00:03:48.840 First of all, the decline I'm talking about

00:03:50.460 is a relatively recent phenomenon,

00:03:52.220 but we've had capitalism in this country

00:03:54.300 for a long time, as you may have noticed.

00:03:55.980 And private equity is nothing new either.

00:03:58.220 In 1992, a private equity firm

00:03:59.680 invested hundreds of millions of dollars

00:04:01.440 in the parent company of Denny's and Hardee's.

00:04:03.480 Domino's sold off to Bain Capital in 1998.

00:04:07.120 A consortium, including Goldman Sachs,

00:04:09.380 bought Burger King more than two decades ago in 2002.

00:04:13.260 The Carlisle Group took over Dunkin' Donuts

00:04:15.320 and Baskin Robbins in 2005.

00:04:17.300 So there's nothing new about private equity

00:04:19.040 getting involved in the restaurant business.

00:04:21.220 And for the record, despite all these acquisitions,

00:04:23.440 most restaurants still are not owned by private equity.

00:04:25.920 Most are part of large organizations

00:04:27.640 that are publicly traded.

00:04:29.460 And then a few restaurants,

00:04:30.620 like In-N-Out and Little Caesars are family owned.

00:04:33.180 But even if private equity controlled most restaurants,

00:04:35.720 the logic still doesn't really work.

00:04:37.260 Private equity refers to investors

00:04:38.680 who purchase a company or a large stake in it

00:04:41.020 in one of two scenarios.

00:04:42.200 Either the target company is rapidly growing

00:04:44.080 and private equity wants to bet on its future success

00:04:46.900 and a potential IPO so they can profit.

00:04:49.980 Or more commonly, the target company is struggling

00:04:52.620 and desperately needs a cash infusion

00:04:54.300 or else it will fail.

00:04:55.800 And private equity thinks they can turn the company around

00:04:58.180 and then sell for profit.

00:04:59.280 So they buy it for a relatively low price

00:05:01.960 in the hopes that it will one day be worth much more.

00:05:04.780 And in both of these scenarios,

00:05:05.760 the private equity company has a financial incentive

00:05:07.840 for the company to succeed.

00:05:09.560 What private equity is looking for in an ideal scenario

00:05:11.820 is to create a cash cow that prints money

00:05:14.280 over the long term.

00:05:15.740 That's what happened with Arby's back in 2011.

00:05:18.660 Arby's is one of the only good fast food restaurants

00:05:21.140 in existence at this point for my money.

00:05:22.960 But 15 years ago,

00:05:24.040 it was losing tens of millions of dollars a year.

00:05:26.060 They were a punchline on late night television.

00:05:29.140 Rather than go out of business,

00:05:30.340 they sold to Rourke Capital

00:05:31.720 and Rourke immediately took action,

00:05:33.860 saved the company.

00:05:34.600 They introduced the We've Got the Meats ad slogan,

00:05:37.440 moved away from any attempt at appealing

00:05:39.740 to health conscious consumers,

00:05:41.840 cleaned up many of the stores,

00:05:42.840 introduced new partnerships,

00:05:43.860 including with Buffalo Wild Wings.

00:05:45.760 In the end, it worked.

00:05:46.580 Arby's is in a much more sustainable position

00:05:48.740 than it was back in 2011.

00:05:50.640 Now, again, there are many legitimate complaints

00:05:52.520 about private equity

00:05:53.200 and their role in degrading the restaurant industry.

00:05:55.340 Because that is happening.

00:05:57.180 We'll get into that in a second.

00:05:58.520 But we can't talk about those

00:05:59.740 if we aren't honest about the whole picture.

00:06:01.240 And right now, you know,

00:06:02.320 there's a lot of oversimplification that goes on.

00:06:05.480 To give another example of what I'm talking about,

00:06:07.000 consider the case of Red Lobster,

00:06:08.340 which is often cited as a tragic casualty

00:06:10.540 of private equity, 0.98

00:06:11.860 even though it was always a garbage restaurant 0.96

00:06:13.900 that no one actually liked.

00:06:16.160 Here's how CNBC covered the restaurant's fate

00:06:18.440 in a video entitled

00:06:19.520 How Private Equity is Behind Red Lobster

00:06:22.000 and TGI Friday's Bankruptcies.

00:06:24.060 Watch.

00:06:24.300 TGI Friday's prepares to file for bankruptcy.

00:06:27.760 A group of investors are going to be acquiring

00:06:29.580 the restaurant chain by the end of the month.

00:06:31.860 As soon as Mother's Day was done,

00:06:32.940 they shut the doors and didn't tell anybody.

00:06:34.780 2024 was a tough year for the restaurant industry.

00:06:37.500 Over 200 restaurant and bar companies

00:06:39.120 filed for bankruptcy,

00:06:40.320 the most in at least a decade,

00:06:42.120 including in 2020.

00:06:43.960 21 were chains.

00:06:45.600 And of those,

00:06:46.680 10 were backed by private equity.

00:06:48.460 The most notable were two of America's 0.78

00:06:50.320 biggest casual dining restaurants,

00:06:52.340 Red Lobster and TGI Fridays.

00:06:54.660 Companies that are owned by private equity firms

00:06:56.980 are significantly more likely to go bankrupt.

00:07:00.020 This is a true statement,

00:07:01.000 but it's misleading.

00:07:02.160 It's true that companies that are backed

00:07:03.680 by private equity are more likely to fail,

00:07:05.700 but that's a bit like saying a patient

00:07:07.300 who sees a highly experienced cancer surgeon

00:07:09.400 is more likely to die.

00:07:10.500 In the case of private equity,

00:07:11.800 they often swoop in

00:07:12.680 when a company is dying anyway

00:07:14.200 because the company is extremely cheap

00:07:15.860 to acquire at that point.

00:07:17.960 And therefore we don't learn anything

00:07:19.480 simply from the fact

00:07:20.700 that private equity got involved.

00:07:22.220 So what happened specifically with Red Lobster,

00:07:24.160 as you may remember,

00:07:25.380 there were a lot of claims

00:07:26.180 that their unlimited shrimp promotion

00:07:27.940 had bankrupted them,

00:07:29.040 but that wasn't true.

00:07:30.700 It only cost them about $11 million in total,

00:07:33.340 which wasn't much compared

00:07:34.940 to their overall annual profits.

00:07:37.120 The real story is more complicated.

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00:08:29.780 Darden Restaurants,

00:08:30.660 which also owns Olive Garden,

00:08:32.560 owned Red Lobster

00:08:33.480 before it was taken over

00:08:34.400 by Golden Gate Capital in 2014.

00:08:37.420 The reason Darden put

00:08:38.240 Red Lobster up for sale

00:08:39.360 is that customers

00:08:40.200 were falling off substantially.

00:08:42.060 The restaurant's earnings

00:08:42.920 had dropped by more than 25%

00:08:44.620 in just one year,

00:08:46.160 in part because customers

00:08:47.020 were going to fast,

00:08:48.260 casual places like Chipotle instead.

00:08:50.720 People were not clamoring

00:08:52.120 for Red Lobster,

00:08:52.860 so the company suffered

00:08:53.560 a catastrophic drop in profits.

00:08:55.440 The trajectory was not sustainable.

00:08:57.400 Imagine if you owned a stock

00:08:58.600 that dropped 25% in one year

00:09:00.180 with no end in sight.

00:09:01.000 You'd probably be looking to sell

00:09:02.260 to stem your losses.

00:09:03.500 So Darden sold off Red Lobster

00:09:04.800 to a private equity company

00:09:05.960 that was willing to

00:09:06.900 catch a falling knife,

00:09:08.320 so to speak.

00:09:08.940 And there was indeed

00:09:09.900 a willing buyer.

00:09:11.000 And for more than $2 billion,

00:09:12.280 Golden Gate Capital

00:09:13.040 bought a fixer-upper company

00:09:14.700 that was only making

00:09:15.480 around $100 million a year

00:09:16.720 and dropping.

00:09:18.160 Now, to mitigate their risk,

00:09:19.220 Golden Gate Capital

00:09:19.840 sold much of the land

00:09:21.140 the Red Lobster restaurants

00:09:22.440 were occupying

00:09:23.400 for a price of $1.5 billion,

00:09:26.440 forced the restaurants 0.78

00:09:27.300 to lease the property

00:09:28.340 where they stood.

00:09:29.880 This is called

00:09:30.380 a sale leaseback.

00:09:31.660 It raised the risk

00:09:32.420 for Red Lobster considerably,

00:09:33.740 but it made the acquisition

00:09:34.960 substantially less risky

00:09:36.780 for Golden Gate Capital.

00:09:38.560 And none of this

00:09:39.020 was particularly unusual

00:09:40.020 in the industry,

00:09:40.760 as CNBC acknowledges

00:09:42.100 in that video.

00:09:43.040 The sale leaseback

00:09:44.100 was not a particularly

00:09:44.920 strange arrangement.

00:09:46.720 Plenty of companies do it

00:09:47.820 with or without

00:09:48.540 the involvement

00:09:49.100 of private equity.

00:09:50.180 Watch.

00:09:50.700 Red Lobster had to repay

00:09:51.700 the debt from a buyout

00:09:52.720 on top of rent.

00:09:54.200 In 2020,

00:09:55.120 Golden Gate Capital

00:09:55.860 sold its remaining

00:09:56.680 equity stake

00:09:57.420 in Red Lobster

00:09:58.140 to a consortium

00:09:59.500 comprised of publicly traded

00:10:00.980 seafood supplier

00:10:01.840 Thai Union,

00:10:02.900 who already had

00:10:03.640 a 25% stake in the chain.

00:10:05.800 At the time,

00:10:07.000 Red Lobster had a $380 million

00:10:08.880 loan that was due

00:10:09.900 summer 2021.

00:10:11.440 It later refinanced,

00:10:12.960 but pandemic restrictions

00:10:14.060 and rising interest rates

00:10:15.320 further contributed

00:10:16.120 to the seafood chain's

00:10:17.120 downfall.

00:10:18.060 In May 2024,

00:10:19.720 the month it filed

00:10:20.340 for bankruptcy,

00:10:21.520 almost half of its bills

00:10:22.460 were at least 91 days late,

00:10:24.060 according to CreditSafe.

00:10:25.000 There are a lot

00:10:26.160 of moving parts.

00:10:27.220 There are a lot

00:10:27.960 of pieces to the puzzle.

00:10:29.920 It is not just

00:10:30.940 black and white

00:10:31.720 that sale leasebacks

00:10:32.720 always, always

00:10:34.140 result in problems,

00:10:36.100 but they often do.

00:10:38.200 So Red Lobster

00:10:39.040 was really in a vise.

00:10:41.800 And that is,

00:10:43.520 I think,

00:10:43.980 central to the reason

00:10:45.540 why it failed.

00:10:46.880 It's important to note

00:10:47.760 that there are also cases

00:10:48.820 where a company

00:10:49.400 will sell its real estate

00:10:50.420 in a sale leaseback deal

00:10:51.880 without the backing

00:10:53.140 of private equity.

00:10:54.500 Burger chain Red Robin,

00:10:55.600 for example,

00:10:56.680 sold nearly 30 restaurants

00:10:57.980 for $84 million

00:10:59.040 using the strategy

00:11:00.340 over the course

00:11:01.020 of three deals

00:11:01.780 as part of a turnaround plan.

00:11:03.520 So this is the reality

00:11:04.280 of what happened

00:11:04.820 to Red Lobster

00:11:05.380 and many companies like it.

00:11:07.060 It was a struggling company.

00:11:08.700 COVID lockdowns hit.

00:11:10.380 Interest rates increased.

00:11:12.100 Competition went up.

00:11:13.840 Everything that could

00:11:14.500 have gone wrong

00:11:15.200 in the end

00:11:15.720 did go wrong.

00:11:17.480 And against this backdrop,

00:11:18.860 a private equity company

00:11:19.940 took over,

00:11:20.820 executed a very risky

00:11:21.940 all-or-nothing strategy

00:11:23.080 called a sale

00:11:23.900 leaseback

00:11:24.380 in order to recoup

00:11:25.720 some of the investment

00:11:26.480 and due to very unfortunate

00:11:28.260 economic conditions,

00:11:29.440 ultimately made

00:11:30.140 an already terrible situation

00:11:31.400 even worse.

00:11:32.600 So here's the key point.

00:11:34.660 Private equity companies

00:11:35.720 and major corporations

00:11:36.760 are not going to

00:11:37.720 intentionally destroy

00:11:38.840 their own investments

00:11:39.760 just from a business standpoint

00:11:41.420 that makes no sense,

00:11:42.340 but they are doing their best

00:11:43.600 to degrade quality

00:11:44.960 as low as it can possibly go

00:11:47.360 before too many consumers

00:11:49.120 notice and flee the brand.

00:11:50.560 So that is happening.

00:11:52.480 They're trying to find

00:11:53.540 that sweet spot

00:11:54.440 because the goal

00:11:55.920 of private equity

00:11:56.640 is to expand the brand

00:11:58.340 as much as they possibly can.

00:12:00.000 And when you're scaling up,

00:12:01.180 every dollar that you save

00:12:02.700 is very important.

00:12:03.800 Now, one issue

00:12:04.320 with this approach

00:12:04.860 is that in many cases,

00:12:06.760 private equity companies

00:12:07.720 and large conglomerates

00:12:08.780 don't really understand

00:12:10.580 or appreciate

00:12:11.240 their own products.

00:12:12.900 After all,

00:12:13.620 there are large institutions

00:12:14.540 that own a large portfolio.

00:12:16.940 Take Jimmy John's, for example.

00:12:18.480 They had an owner

00:12:19.040 named Jimmy John,

00:12:20.380 it was his name,

00:12:20.980 who was obsessed with sandwiches

00:12:22.120 to an almost pathological degree.

00:12:24.460 And when you got a guy

00:12:25.120 who owns the place

00:12:25.920 and he loves what he does

00:12:27.380 and he loves the product,

00:12:28.720 you're going to end up

00:12:29.260 with a good product.

00:12:30.140 But then private equity took over

00:12:31.560 and their primary interest

00:12:33.560 was cutting costs

00:12:34.560 and pushing out

00:12:35.200 all kinds of marketing gimmicks 0.90

00:12:36.860 and ridiculous sandwiches 0.96

00:12:38.680 like the Pickle Witch, 0.98

00:12:40.560 which is an abomination

00:12:41.500 that are intended to go viral.

00:12:44.020 You know,

00:12:44.240 and if you've used their app,

00:12:45.540 you know exactly

00:12:46.280 what I'm talking about.

00:12:47.160 They've made a simple sandwich

00:12:48.400 as tacky and annoying

00:12:49.820 as they possibly can.

00:12:51.720 And, you know,

00:12:53.140 it might be getting them,

00:12:54.040 it probably is getting them

00:12:54.980 more sales

00:12:55.740 because that is ultimately

00:12:56.960 when the private equity companies

00:12:57.960 come in,

00:12:58.480 they don't want to destroy the business.

00:12:59.660 They want to,

00:13:00.020 they just want to sell more.

00:13:01.080 They want to make more money.

00:13:02.320 The problem is that

00:13:02.800 that's all they care about

00:13:04.020 is just making more money.

00:13:05.040 They don't care about

00:13:05.460 the quality of the product.

00:13:07.440 And so in this case,

00:13:08.020 it's destroying the company

00:13:09.060 or at least ruining their image

00:13:11.020 in the eyes of millions

00:13:11.840 of consumers.

00:13:12.700 So the bottom line

00:13:13.840 might be fine,

00:13:14.680 but the quality

00:13:16.040 of the product

00:13:16.800 has gone down.

00:13:19.040 Now, again,

00:13:19.360 it's not that private equity

00:13:20.260 wants to destroy

00:13:21.420 Jimmy John's.

00:13:23.360 Rourke Capital

00:13:24.300 spent billions of dollars

00:13:25.760 on it.

00:13:26.520 So there's no reason

00:13:27.660 to ruin the brand

00:13:28.420 on purpose,

00:13:28.960 but at some level

00:13:30.120 they can't help themselves.

00:13:32.060 They're overstaffed

00:13:33.040 with consultants

00:13:33.660 and analysts

00:13:34.280 and eventually

00:13:35.060 that becomes very apparent.

00:13:36.680 People keep

00:13:37.180 buying the sandwiches

00:13:38.520 in large numbers,

00:13:39.380 but more discerning

00:13:41.120 customers are turned off

00:13:42.380 and then they complain

00:13:43.400 on the internet

00:13:43.820 like I'm doing right now,

00:13:44.920 but most people

00:13:45.980 still buy the product.

00:13:47.520 Now, another factor

00:13:48.180 which isn't talked

00:13:48.740 about nearly enough

00:13:49.400 is that the people

00:13:50.380 who are working

00:13:51.600 in fast food restaurants

00:13:53.100 like Jimmy John's

00:13:55.440 usually are not

00:13:56.520 high school students anymore.

00:13:58.320 You know,

00:13:58.540 that used to be the case,

00:14:00.660 but now it's not

00:14:02.320 a first job

00:14:03.360 for kids

00:14:03.900 who are eager

00:14:04.320 to work

00:14:04.920 for their first paycheck.

00:14:06.200 Increasingly,

00:14:06.680 these jobs

00:14:07.080 are occupied 0.95

00:14:07.580 by adult drug addicts.

00:14:10.160 Now, ask anyone

00:14:10.940 in the industry

00:14:11.660 and they'll tell you

00:14:12.560 the same thing.

00:14:13.380 According to the

00:14:13.880 Substance Abuse

00:14:14.640 and Mental Health

00:14:15.240 Services Administration,

00:14:16.820 20% of food service workers

00:14:18.700 reported using illegal drugs

00:14:20.280 within the past month.

00:14:21.720 17% have a substance

00:14:23.160 abuse disorder.

00:14:24.420 12% reported binge drinking

00:14:26.180 in the past month.

00:14:26.940 So, we're not talking

00:14:27.800 about someone who,

00:14:28.520 you know,

00:14:28.740 smokes a blunt

00:14:29.340 every now and then,

00:14:30.040 which you shouldn't

00:14:30.820 do that either,

00:14:31.320 but we're not talking

00:14:31.880 about that.

00:14:32.080 We're talking about

00:14:32.440 hardcore drug abusers.

00:14:33.960 And these numbers

00:14:34.400 have gotten much worse

00:14:35.780 in recent years

00:14:36.360 post-COVID.

00:14:37.440 According to Quest Diagnostics,

00:14:39.020 quote,

00:14:39.200 substance abuse

00:14:40.320 soared last year

00:14:41.140 among restaurant

00:14:41.820 and hotel employees

00:14:42.660 with a proportion

00:14:43.340 of workers failing

00:14:44.240 drug tests

00:14:44.740 jumping to 12.9%.

00:14:46.680 Marijuana use

00:14:47.940 increased sharply

00:14:48.960 with 17.3%.

00:14:50.600 More hospitality workers

00:14:52.380 testing positive

00:14:53.260 for THC.

00:14:54.720 Now, not that it really

00:14:55.420 needs to be said,

00:14:56.160 but when your fast food

00:14:57.580 worker or line cook

00:14:58.780 is high and drunk,

00:15:00.260 he's probably not

00:15:01.300 going to produce

00:15:01.840 the highest quality

00:15:02.780 sandwich.

00:15:03.860 And that's what

00:15:04.200 we're getting.

00:15:05.100 Now, in the early 1980s,

00:15:06.160 something like 60%

00:15:07.080 of teenagers

00:15:07.680 were employed

00:15:08.480 and they were

00:15:09.740 doing these kinds

00:15:10.400 of jobs.

00:15:10.920 Now, that number

00:15:11.420 is under 35%.

00:15:13.000 What's happened

00:15:13.860 is that especially

00:15:14.480 with the surge

00:15:15.400 in foreign migration

00:15:16.360 into this country,

00:15:17.160 much of it illegal,

00:15:18.380 young people are being 1.00

00:15:19.200 pushed out of the workforce.

00:15:20.260 They're being replaced

00:15:20.860 by migrants, 1.00

00:15:23.620 drug addicts,

00:15:24.600 and the restaurant's

00:15:25.340 owners will happily

00:15:26.020 hire them

00:15:26.500 because they're probably

00:15:28.020 not going to leave

00:15:28.540 for college anytime soon.

00:15:30.300 And frankly,

00:15:30.880 the restaurant

00:15:31.320 may not have

00:15:32.520 a better option anyway.

00:15:33.520 And as long

00:15:35.100 as they can

00:15:35.740 get over

00:15:38.340 the very low bar

00:15:39.220 to just churn out

00:15:40.180 the slop,

00:15:40.820 that's all that matters.

00:15:42.000 Keeps the money

00:15:42.680 coming in.

00:15:43.560 And crucially,

00:15:44.220 customers don't usually

00:15:45.080 make a big deal

00:15:45.780 out of it.

00:15:46.600 Americans have 0.95

00:15:47.580 insanely low standards

00:15:49.240 at the moment.

00:15:50.720 We've been conditioned

00:15:51.860 to accept mediocrity

00:15:54.480 everywhere,

00:15:55.800 especially since COVID.

00:15:56.940 But this was a trend

00:15:57.760 that goes back

00:15:59.380 much further

00:15:59.900 than COVID.

00:16:00.320 Think about air travel,

00:16:02.000 streaming services,

00:16:03.980 really anything.

00:16:05.140 Everything's become

00:16:05.920 lower quality in tandem.

00:16:07.980 And as a factual matter,

00:16:09.120 rather than

00:16:09.820 stop spending our money

00:16:11.400 on these services,

00:16:12.260 millions of Americans

00:16:12.940 have continued to do so.

00:16:14.620 And the reasons for that

00:16:16.480 are actually

00:16:16.940 somewhat complicated.

00:16:18.220 So let's return

00:16:18.680 to my original complaint,

00:16:19.600 which is that a lot of food,

00:16:21.120 including pizza,

00:16:22.240 now tastes the same.

00:16:24.160 It's all gotten worse,

00:16:25.720 and it's something

00:16:26.300 that every living person

00:16:27.400 has noticed.

00:16:28.620 It doesn't matter

00:16:29.200 where I get my pizza,

00:16:30.140 whether it's the supermarket,

00:16:31.440 Papa John's,

00:16:31.960 anywhere else.

00:16:32.860 This is, you know,

00:16:33.800 this is an issue

00:16:34.660 probably can't be blamed

00:16:35.780 on marijuana use.

00:16:36.760 Every single employee

00:16:37.520 who makes a pizza

00:16:38.260 everywhere in the country

00:16:39.120 can't be high

00:16:40.140 at the same time.

00:16:40.960 So what's actually

00:16:42.120 going on here?

00:16:43.020 If the problem

00:16:43.500 isn't capitalism per se,

00:16:45.120 then what is the problem?

00:16:46.420 Well, as it turns out,

00:16:47.600 a single cheese company

00:16:48.640 called Leprino Foods

00:16:49.860 controls 85%

00:16:51.080 of the pizza cheese market.

00:16:52.460 To be clear,

00:16:53.320 that's not the cheese pizza market.

00:16:54.660 It's the market for cheese

00:16:55.700 that goes on the pizza.

00:16:57.140 Leprino's based in Denver,

00:16:58.960 and they supply

00:16:59.560 pretty much every pizza place

00:17:00.840 from Pizza Hut

00:17:01.400 to Domino's

00:17:02.060 to Papa John's.

00:17:03.220 In other words,

00:17:03.600 Leprino is like

00:17:04.600 the Willy Wonka

00:17:05.660 of cheese.

00:17:06.780 You never see

00:17:07.200 in the guy's face,

00:17:08.000 but his product

00:17:08.720 is everywhere.

00:17:09.300 You can't escape it.

00:17:10.020 Whether you're ordering

00:17:10.560 delivery from a major chain

00:17:11.940 or buying a frozen pizza

00:17:13.000 at the supermarket,

00:17:13.840 the base core ingredient

00:17:15.000 of your pizza,

00:17:16.040 one way or another,

00:17:16.660 is going to come

00:17:17.220 from exactly the same place.

00:17:18.760 So how did Leprino

00:17:19.380 achieve this dominance?

00:17:20.440 Are they somehow

00:17:20.940 the only people

00:17:21.620 in the entire country

00:17:22.260 who know how to make cheese?

00:17:23.420 If you look into it,

00:17:24.180 you'll find that actually

00:17:24.940 Leprino's dominance

00:17:25.780 is the result of patents.

00:17:27.160 Lots and lots of patents.

00:17:28.980 You might not think

00:17:29.520 that cheese is the kind

00:17:30.200 of thing that you could patent,

00:17:31.260 but you'd be wrong.

00:17:32.280 Specifically,

00:17:32.700 Leprino Foods

00:17:33.380 holds more than 50 patents

00:17:35.100 related to manufacturing cheese.

00:17:37.780 And one of these patents,

00:17:38.600 for example,

00:17:39.500 describes the step

00:17:41.060 of converting

00:17:41.600 at least a portion

00:17:42.340 of protein

00:17:42.880 containing starting milk

00:17:44.040 into discrete curd particles

00:17:45.960 and forming the curd particles

00:17:47.900 into a cheese precursor.

00:17:49.740 Some of the most famous patents

00:17:50.880 allow for the creation

00:17:51.720 of cheese

00:17:52.160 in a continuous

00:17:52.880 high-speed stream,

00:17:54.300 which greatly increases

00:17:55.800 volume production

00:17:56.680 while retaining consistency.

00:17:58.440 They also patented

00:17:58.880 a method

00:17:59.320 for quick-freezing cheese

00:18:00.620 as soon as it was produced,

00:18:01.840 which prevents cheese

00:18:02.920 from aging prematurely.

00:18:04.400 Very quickly,

00:18:05.060 pizza places realized

00:18:06.000 that the frozen cheese

00:18:07.680 was more viable

00:18:08.340 for a longer period of time

00:18:09.600 than anything

00:18:10.500 they could buy fresh,

00:18:11.360 even though it doesn't

00:18:11.920 taste as good.

00:18:12.880 It doesn't taste fresh

00:18:13.780 because it's not,

00:18:14.680 but it's more viable

00:18:15.420 and it's more profitable.

00:18:16.760 And it was also

00:18:17.660 more consistent

00:18:19.040 from location to location,

00:18:20.100 which is particularly important

00:18:20.880 for a national brand.

00:18:21.840 So because Leprino

00:18:22.560 made logistics easy,

00:18:23.660 everybody just kind of

00:18:24.960 went with it.

00:18:26.080 The decision had nothing

00:18:26.780 to do with the quality

00:18:27.540 of the cheese.

00:18:28.020 It was about the performance

00:18:28.940 of the cheese.

00:18:29.780 And while Leprino

00:18:30.760 does provide slightly

00:18:31.860 different cheese blends

00:18:32.780 to different customers

00:18:33.680 as a way of making you think

00:18:35.340 that Papa John's cheese

00:18:36.320 is different from the cheese

00:18:37.260 you get at Domino's,

00:18:38.220 really it's coming

00:18:38.800 from the same place

00:18:39.540 with the same general methods.

00:18:41.960 You know,

00:18:42.060 it's sort of like how

00:18:42.880 if you buy eyeglasses,

00:18:44.740 whether they're designer frames

00:18:45.920 or not,

00:18:46.440 they're probably coming

00:18:47.140 from the exact same factory.

00:18:48.600 It's like the same thing.

00:18:50.180 But wait a minute,

00:18:50.640 you might say,

00:18:51.040 what's wrong with this arrangement?

00:18:52.200 It seems like efficiency.

00:18:53.480 If people weren't okay

00:18:55.060 with this arrangement,

00:18:55.780 if they insisted on

00:18:56.700 locally sourced cheese

00:18:57.740 on their pizza,

00:18:58.400 then Leprino's would

00:18:59.200 collapse overnight.

00:19:00.420 All their patents

00:19:01.040 would be worthless.

00:19:02.500 Local dairy farms

00:19:03.420 would see a major surge

00:19:04.520 in popularity.

00:19:05.180 Instead,

00:19:05.880 the opposite is happening.

00:19:07.280 In just the past year,

00:19:08.080 bankruptcies at local dairy farms

00:19:09.520 went up by more than 55%.

00:19:11.360 Meanwhile,

00:19:12.520 Leprino is growing

00:19:13.560 faster than ever.

00:19:15.220 Now,

00:19:15.360 the truth,

00:19:15.840 as uncomfortable

00:19:16.260 as it may be to admit,

00:19:17.560 is that this argument

00:19:18.420 has merit.

00:19:18.900 The fact is,

00:19:20.180 the vast majority

00:19:20.740 of consumers

00:19:21.320 have been conditioned

00:19:22.740 to a point

00:19:23.360 where we're okay

00:19:25.200 with eating slop

00:19:26.240 that's indistinguishable

00:19:27.740 from every other slop factory. 0.54

00:19:29.940 It's not just the pizza industry

00:19:31.400 that works like this.

00:19:32.200 Pretty much every restaurant

00:19:33.140 has realized the same thing.

00:19:34.820 That's what explains

00:19:35.560 the enormous popularity

00:19:36.440 of Cisco,

00:19:37.180 the world's largest

00:19:37.860 food distributor.

00:19:38.680 You probably noticed

00:19:39.260 like a giant Cisco truck

00:19:40.640 in the parking lot

00:19:41.380 of your favorite restaurant

00:19:42.240 at one point or another.

00:19:43.480 Along with U.S. Foods,

00:19:44.820 which Cisco recently

00:19:45.720 attempted to merge with,

00:19:47.320 Cisco is responsible

00:19:48.180 for a very large amount

00:19:49.560 of the food

00:19:50.220 that you see

00:19:50.760 on restaurant menus.

00:19:52.360 So if you order

00:19:52.940 mozzarella sticks,

00:19:53.820 for example,

00:19:54.860 it doesn't matter

00:19:55.400 if you're at Carrabba's

00:19:56.740 or Applebee's

00:19:57.420 or Chili's

00:19:58.180 or anywhere,

00:19:59.560 you're almost certainly

00:20:00.720 getting the same

00:20:02.380 reheated product

00:20:03.240 from the back

00:20:03.900 of the same Cisco truck.

00:20:06.200 And over the past decade,

00:20:07.220 Cisco's dominance

00:20:07.920 has only increased.

00:20:08.700 They've been on a buying spree,

00:20:10.880 snatching up

00:20:11.400 all their competitors.

00:20:12.440 Watch.

00:20:12.960 The scary thing about Cisco

00:20:14.000 was it didn't become

00:20:15.100 this giant

00:20:15.880 through organic growth,

00:20:17.020 but instead,

00:20:17.440 it became a giant

00:20:18.260 through relentless acquisitions

00:20:19.460 that went unchecked.

00:20:20.540 They've acquired

00:20:21.620 over 150 companies

00:20:23.500 to become

00:20:25.440 really one of the only

00:20:27.280 national broadline

00:20:29.100 distributors

00:20:29.620 for restaurants.

00:20:30.780 Now, Cisco doesn't disclose

00:20:31.780 how many restaurants

00:20:32.680 it serves,

00:20:33.400 but they do disclose

00:20:34.240 that they serve

00:20:34.820 around 730,000

00:20:36.400 customer locations,

00:20:37.880 which would imply,

00:20:39.280 if we're being very conservative

00:20:40.220 with our estimate,

00:20:41.040 that they provide food

00:20:41.920 to probably around

00:20:42.760 300,000 restaurants

00:20:44.140 at a minimum

00:20:44.620 since restaurants

00:20:46.020 make up most of their sales.

00:20:47.440 U.S. Foods, meanwhile,

00:20:48.820 serves at about

00:20:49.480 an estimated

00:20:50.240 150,000 restaurants.

00:20:51.940 To put that number

00:20:53.180 in context,

00:20:54.560 there are roughly

00:20:55.120 750,000 restaurants

00:20:56.840 total in the entire country.

00:20:59.240 So therefore,

00:20:59.820 assuming U.S. Foods

00:21:00.560 and Cisco

00:21:00.960 mainly serve

00:21:01.800 different restaurants,

00:21:02.960 more than half

00:21:03.980 of the restaurants

00:21:04.560 in the country

00:21:05.280 are getting prepackaged,

00:21:07.680 prepared food

00:21:08.560 from the same place

00:21:10.720 or one of the two

00:21:12.220 same places.

00:21:13.880 So if all the food

00:21:14.680 tastes the same everywhere,

00:21:15.920 it's because it is the same.

00:21:17.720 It's literally the same food.

00:21:19.500 But U.S. Foods and Cisco,

00:21:20.780 they aren't the only companies

00:21:21.820 that are pushing frozen foods.

00:21:23.140 It's easy to blame them,

00:21:24.300 and they're certainly responsible

00:21:25.480 for most of the phenomenon,

00:21:26.740 but they're not the only ones.

00:21:28.760 Consider what's happened

00:21:29.400 to Cracker Barrel.

00:21:30.540 You know,

00:21:30.740 they're not controlled

00:21:31.440 by a private equity company

00:21:32.560 for what it's worth.

00:21:33.300 They're a publicly traded corporation.

00:21:35.340 But Cracker Barrel,

00:21:36.200 as you may remember,

00:21:36.780 just undertook probably

00:21:37.660 the single most disastrous rebrand

00:21:39.480 in the modern history

00:21:40.260 of restaurants,

00:21:40.980 which they quickly reversed,

00:21:42.080 the female CEO,

00:21:43.140 a woman with three names

00:21:44.440 called Julie Fels Massino,

00:21:46.680 somehow was not fired

00:21:47.800 after the incident.

00:21:49.060 At the same time,

00:21:49.720 the rebrand wasn't actually

00:21:50.900 the biggest problem

00:21:51.540 facing Cracker Barrel.

00:21:52.520 For many years beforehand,

00:21:54.200 they'd seen declining sales

00:21:55.460 and relevance.

00:21:56.340 Why is that?

00:21:56.860 Well, after the rebrand

00:21:57.660 became national news,

00:21:59.360 one Cracker Barrel employee

00:22:00.740 explained.

00:22:02.360 Watch.

00:22:03.520 If you think what's happening

00:22:04.780 in the front of house

00:22:05.740 of Cracker Barrel is bad,

00:22:06.900 you should know that

00:22:07.540 what's happening behind the scenes

00:22:09.020 in the back

00:22:09.660 is even worse.

00:22:11.360 I worked at Cracker Barrel

00:22:12.180 for eight years as a cook,

00:22:14.100 and it's slowly gone downhill

00:22:16.940 with a rapid acceleration

00:22:18.440 in the past year.

00:22:20.440 Let's start with biscuits. 0.98

00:22:21.800 You can see here

00:22:22.620 they're frozen now.

00:22:25.140 What they used to do

00:22:26.400 is I used to make

00:22:27.160 these pans of biscuits

00:22:28.280 every day

00:22:29.080 for like an hour

00:22:31.240 is how long they would last

00:22:32.420 because we went through them.

00:22:34.180 And they would be hot

00:22:35.680 and fresh

00:22:36.200 straight out of the oven

00:22:37.060 for the guests.

00:22:37.720 and now

00:22:38.460 they freeze them

00:22:40.540 for days ahead of time.

00:22:42.540 So what you could be getting

00:22:43.500 is days old

00:22:44.400 and they don't

00:22:45.140 they just put them

00:22:46.500 in a warmer

00:22:47.040 for about 40 minutes

00:22:48.620 and that's what you're getting.

00:22:49.960 And that's why

00:22:50.420 they look like this now

00:22:51.840 instead of those nice big

00:22:53.140 thick fluffy biscuits

00:22:54.840 with butter smeared on top.

00:22:56.480 No, you're getting frozen nothing.

00:22:59.160 And now they cook

00:23:00.220 eight to twelve

00:23:01.240 to fifteen a day

00:23:02.980 and then bag them up

00:23:04.240 like this for you

00:23:05.460 and microwave it.

00:23:06.780 Just a nice

00:23:07.540 microplastic piece of meat. 0.54

00:23:10.740 That's so gross.

00:23:12.220 So you can't blame

00:23:12.860 Cisco or U.S. Foods

00:23:13.920 for this.

00:23:14.380 He didn't say

00:23:14.760 they're loading all the food

00:23:15.780 from a truck

00:23:16.300 and reheating it.

00:23:17.080 He says they're

00:23:17.680 cooking it in-house

00:23:18.620 and then reheating it

00:23:20.340 several days later.

00:23:21.460 And this is not

00:23:22.160 a private equity thing.

00:23:23.160 They don't own Cracker Barrel.

00:23:24.220 So who's actually responsible?

00:23:27.140 Why did Cracker Barrel

00:23:27.920 like so many other restaurants

00:23:29.120 switch from preparing

00:23:30.080 fresh meals

00:23:30.860 to reheating

00:23:31.840 frozen pre-packaged dinners?

00:23:34.300 This is the main factor

00:23:35.820 causing the quality of food

00:23:37.000 to decline everywhere.

00:23:38.420 This is it.

00:23:39.380 Nothing is fresh.

00:23:40.740 You're just eating

00:23:41.460 glorified TV dinners

00:23:42.960 almost everywhere you go.

00:23:45.160 And it wasn't always like this

00:23:46.700 but now it is.

00:23:48.660 Why is that?

00:23:49.880 Well the only explanation

00:23:50.680 that makes sense

00:23:51.280 is that from the customer

00:23:52.320 service reps

00:23:53.140 behind the counter

00:23:53.860 all the way up

00:23:54.400 to the ownership

00:23:54.940 from at every level now

00:23:57.240 when you go to these places

00:23:58.260 there is not anybody involved

00:24:00.800 at any level

00:24:01.900 who cares

00:24:03.180 what the food tastes like.

00:24:05.800 The CEO doesn't care.

00:24:07.720 If a private equity firm

00:24:08.760 owns the place

00:24:09.260 they don't really care

00:24:10.200 about the quality

00:24:10.860 of the food.

00:24:11.760 The employees

00:24:12.420 who are coming in

00:24:13.240 most of them

00:24:14.600 they don't care.

00:24:16.200 And in a lot of cases

00:24:16.920 the customers don't care either

00:24:18.140 because they keep eating it.

00:24:20.140 They're keeping these companies

00:24:21.040 in business

00:24:21.760 by purchasing

00:24:22.560 their slop.

00:24:24.460 And this part of the story

00:24:25.520 is indeed a new phenomenon.

00:24:26.880 In the recent past

00:24:27.840 women like Julie Fels-Masino 1.00

00:24:29.280 were not put in charge

00:24:31.140 of businesses

00:24:31.700 they didn't understand.

00:24:32.840 They weren't given

00:24:33.360 the opportunity

00:24:33.820 to destroy brands

00:24:34.880 like Budweiser

00:24:35.700 or Cracker Barrel.

00:24:37.380 But that's changed now. 0.99

00:24:39.520 Incompetent women like this 1.00

00:24:40.600 are now rising 1.00

00:24:41.220 to the highest levels

00:24:42.000 of the food industry

00:24:42.740 solely because of their gender. 0.85

00:24:45.260 And meanwhile

00:24:45.640 millions of people

00:24:46.460 have been badgered

00:24:47.640 by the media

00:24:48.280 by the HR departments

00:24:49.580 by declining standards

00:24:50.960 of living

00:24:51.380 into accepting mediocrity.

00:24:54.640 That's why everybody

00:24:55.220 can sense that

00:24:56.000 our general quality

00:24:56.860 of life is declining

00:24:57.880 in seemingly small ways

00:24:59.220 all over the place.

00:25:00.600 It adds up.

00:25:02.160 You know 0.99

00:25:02.320 your sandwich is garbage 0.99

00:25:03.360 for the same reason 1.00

00:25:04.180 that most streaming shows 1.00

00:25:05.220 are garbage 0.99

00:25:05.680 which is the same reason 1.00

00:25:06.620 most universities 1.00

00:25:07.380 are garbage 1.00

00:25:07.920 and so on and so on 1.00

00:25:08.860 and so on.

00:25:09.760 People who tolerate

00:25:10.600 mediocrity

00:25:11.220 are keeping these restaurants

00:25:12.840 and private equity

00:25:13.500 companies in business.

00:25:14.940 They're paying the salaries

00:25:16.140 of the CEO

00:25:16.860 of Cracker Barrel

00:25:17.580 and they're making

00:25:18.760 Cisco

00:25:19.300 the largest distributor

00:25:20.600 of food in the world.

00:25:22.000 We're doing this

00:25:22.580 for no discernible reason

00:25:23.580 by the way.

00:25:24.360 I'm just as guilty

00:25:25.020 but I don't need

00:25:26.520 a sandwich

00:25:26.940 from Subway

00:25:28.040 or from Jimmy John's.

00:25:30.680 Most of that could be

00:25:31.300 you could do that at home

00:25:32.180 for a fraction of the price.

00:25:33.900 You can make

00:25:34.160 a lot of this food now

00:25:35.580 you can make at home

00:25:36.500 and it will be better

00:25:37.840 and cheaper.

00:25:39.000 So we don't need

00:25:39.800 to abolish capitalism

00:25:40.880 to stop this long-standing

00:25:42.480 humiliating decay.

00:25:44.200 We can adopt

00:25:44.980 some standards.

00:25:46.520 We can stop

00:25:47.100 wasting our money

00:25:48.300 in exchange

00:25:48.900 for slop

00:25:50.020 from Subway

00:25:50.620 which is owned

00:25:51.900 by the same

00:25:52.340 private equity company

00:25:53.200 as about a dozen

00:25:53.920 other brands.

00:25:55.300 We can choose

00:25:56.060 to withhold our money

00:25:56.980 until we get

00:25:57.460 quality in return.

00:25:59.120 It's actually not

00:25:59.660 anywhere near

00:26:00.260 as difficult

00:26:00.700 as it sounds.

00:26:02.040 Yes,

00:26:02.300 private equity companies

00:26:03.200 and CEOs

00:26:03.780 and big kuklamlurits 0.97

00:26:04.900 they want your money

00:26:06.060 but if you want

00:26:07.320 restaurants to be

00:26:08.080 worth the trip

00:26:08.720 and if you want

00:26:09.520 your pizza

00:26:09.880 to taste somewhat

00:26:10.680 distinct from

00:26:11.400 every other pizza

00:26:12.520 then for the

00:26:13.840 foreseeable future

00:26:14.540 your only option

00:26:15.820 is to withhold it.

00:26:20.940 Rinse takes your laundry

00:26:22.240 and hand delivers it

00:26:23.220 to your door

00:26:23.740 expertly cleaned

00:26:24.960 and folded

00:26:25.400 so you could take

00:26:26.420 the time once spent

00:26:27.280 folding and sorting

00:26:28.360 and waiting

00:26:28.900 to finally pursue

00:26:30.000 a whole new version

00:26:31.040 of you

00:26:31.380 like tea time you

00:26:32.860 or this tea time you

00:26:36.080 or even this tea time you

00:26:39.500 said you hear about Dave

00:26:40.740 or even tea time

00:26:41.860 tea time tea time you

00:26:43.200 so update on Dave

00:26:46.360 it's up to you

00:26:47.580 we'll take the laundry

00:26:48.820 rinse

00:26:49.640 it's time to be great

The Matt Walsh Show - November 28, 2025

I Looked Into Why Restaurant Quality Is Declining. What I Found Is SHOCKING.

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