Fast food chain Wendy’s plans to close hundreds more just a year after closing 140 stores.
Interim CEO Ken Cook told investors during the company’s quarterly earnings call on Friday, Nov. 7, that the company will close a “mid-single-digit percentage” of stores. Currently, there are approximately 6,000 stores operating nationwide, which corresponds to approximately 240 to 360 stores. One investor put the number at about 300 during the conference call. “If you look at the system today, there are some restaurants that are not enhancing their brand and are holding back franchisees from a financial performance standpoint,” Cook said. “The goal is to address these restaurants and resolve their issues.”
In some cases, it may be necessary to improve technology or equipment or transfer difficult locations to new operators. In other areas, he said, it would mean restaurant closures altogether.
Closures are expected to begin in the fourth quarter of this year, Cook said. The exact list of locations scheduled to close has not been announced.
