DUBLIN, Ohio — Dublin, Ohio-based Wendy’s Co. has announced plans to cut spending by selling 500 of its restaurants to franchisees by mid-2016.
The announcement was made Tuesday after a 2015 company forecast overview, which fell short of expectations.
Wendy’s, which sold 237 restaurants to franchisees in 2014, will reduce ownership to approximately five per cent, with pre-tax proceeds of up to $475 million.
Meanwhile, McDonald’s recently announced new initiatives, too, as its sales continue to suffer.
