US HAMBURGER chain Wendy’s yesterday unveiled plans to sell another 500 of its restaurants to franchisees as it seeks to cut down on spending.
Wendy’s, the third largest hamburger chain by sales in the US, said it planned to “return substantial cash” to investors this year as its sells more of its restaurants to franchisees.
Emil Brolick, Wendy’s chief executive, said: “We intend to buy and sell restaurants opportunistically to act as a catalyst for growth by further strengthening our franchisee base.”
The announcement came as Wendy’s also forecast a disappointing outlook for 2015 and reported preliminary revenue for its fourth quarter that missed expectations.
Revenue fell 15.3 per cent to $502m (£332m), weighed by ownership of fewer stores. Analysts polled by Thomson Reuters forecast $509.1m in revenue.
Wendy’s, which no longer operates in the UK, was famous for its square burgers, baconators and its very thick milkshakes, the Frosty.