If I’m not mistaken, isn’t this the case because the business model has shifted? I’m not sure about the broadwr market, but I believe McDonalds makes more renting space to franchisees than anything else. Corporate is still raking it in from the franchise holders, while those franchise holders are the ones suffering from reduced sales.

See also McDonalds requiring franchisees to use a specific vendor to repair ice cream machines (I think they’ve been sued and forced to stop doing this since)