Wendy’s plans to close hundreds of restaurants as part of a sweeping turnaround plan.
Interim CEO Ken Cook said a “mid-single-digit percentage” of the fast food chain’s 6,000 locations would close, CNN reported. That would equate to about 250 to 300 locations.
A list of locations set to close has not been announced, but were described as “consistently underperforming.”
The closures will begin this year and continue through 2026.
Last week, Ohio-based Wendy’s announced global sales for the third quarter were $3.5 billion, a drop of 3.6%, even as international sales grew 8.6%. U.S. sales dropped 4.4% for the third quarter and are down 3.4% year to date, according to its financial filings. Same-restaurant sales growth fell 4.7% for the quarter and 3.7% for the year.
The closures are part of a broader revamp by Wendy’s as inflation continues to chip away at profits as cost-conscious diners opt for cheaper options.
Last month, Wendy’s launched “Project Fresh,” a comprehensive strategic plan aimed at revitalizing the brand.
“Execution is underway and we are confident that Project Fresh will position Wendy’s as the industry leader—one that guests love, franchisees are proud to operate, teams are excited to be a part of, and creates significant value for our shareholders,” said Ken Cook, Interim Chief Executive Officer and Chief Financial Officer. “
The plan includes changes to marketing, resource allocation, training and operations.
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