Meritage Hospitality, one of Wendy’s largest U.S. franchisees, filed for Chapter 11 bankruptcy protection. The filing comes as the burger chain has struggled to win over diners who have become increasingly focused on value. For six straight quarters, Wendy’s has reported same-store sales declines. A revolving door of chief executives in recent years has led to muddled turnaround strategies, and the company’s stock has lost two-thirds of its value over the past three years.