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Wendy’s is closing hundreds of restaurants
Wendyâs is set to close hundreds of locations across the United States as part of its turnaround plan.
Interim CEO Ken Cook announced Friday that a âmid single-digit percentageâ of Wendyâs approximately 6,000 US locations could close, which would amount to around 200 to 350 restaurants.
Affected locations are those that are âconsistently underperformingâ and dragging down the chainâs overall performance, Cook told analysts. The closures will begin this year and continue through 2026.
âThese actions will strengthen the system and enable franchisees to invest more capital and resources in their remaining restaurants,â he said. âClosures of underperforming units are expected to boost sales and profitability at nearby locations.â
Major burger chain is closing 300 stores next year
The burger wars have always been fiercely fought, but the battle is even more challenging this year due to inflation and job losses. Prices are surging, and consumers are becoming increasingly cautious with their spending, particularly when it comes to dining out.
Fast-food restaurants, known in the industry as quick-service restaurants (QSRs), have borne the brunt of the spending pullback. And burger chains have been hit particularly hard, including Wendy's, which has seen its U.S. foot traffic nosedive as consumers rethink their budgets.
Wendy's has never been viewed as the low-cost fast-food option. Its decision to focus on quality, despite higher prices, was a deliberate choice that helped it carve out business from rivals McDonald's and Burger King.
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Wendy's to close 300 'underperforming' locations
Nov. 8 (UPI) — Wendy's is closing about 300 locations over the next year as the fast-food chain seeks to revitalize its business model and become more profitable.
Interim Chief Executive Officer Ken Cook announced the pending closings on Friday and said they represent a small fraction of the popular restaurant chain's 6,000 locations in the United States, CNN reported.
Cook told analysts that "consistently underperforming" locations will be closed so that they won't reflect poorly on the Wendy's brand.
"These actions will strengthen the system and enable franchisees to invest more capital and resources in their remaining restaurants," Cook explained.
"Closures of underperforming units are expected to boost sales and profitability at nearby locations."
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