Business

Wendy’s to Sell 640 Restaurants

This Friday, March 21, 2014 photo shows a Wendy's restaurant in Providence, R.I. (AP Photo/Michael Dwyer)
This Friday, March 21, 2014 photo shows a Wendy’s restaurant in Providence, R.I. (AP Photo/Michael Dwyer)

 

(CNN) – Wendy’s announced plans Wednesday to sell 640 of its company-owned restaurants in the United States and Canada.

The sales are a part of the burger chain’s plan to reduce the number of company-owned locations.

The company hopes to sell the restaurants to franchisees. Wendy’s stock rose 7% on the news.

It intends to sell 380 restaurants this year and another 260 in 2016. The company is working with a private equity group to manage the sale, which will be directed at existing Wendy’s franchise owners.

At the end of 2014, Wendy’s had a total of 6,515 restaurants worldwide.

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