McDonald’s is trying everything to keep customers flocking through their doors, but the brand, the product and the strategy continue to falter. Many McDonald’s franchisees say the brand is suffering from a “deep depression” leading to the “final days” of the once popular business model.

Nomura analyst Mark Kalinowski sent out surveys to 29 McDonald’s franchisees in the United States, spanning 226 restaurants in total. Many of the owners’ responses clearly show that the McDonald’s fast food empire is entering its final days of dominance. “We are in the throes of a deep depression, and nothing is changing,” said one franchisee. “Probably 30% of operators are insolvent.” FULL REPORT