The transaction is part of the Company’s System Optimization initiative, designed to promote new restaurant growth and reimaging while generating a more predictable revenue stream.
The Company is geographically concentrating its restaurant ownership through the sale of about 415 Company-operated restaurants in 13 US markets, primarily in the west. The Company has completed the market-by-market sale of 314 restaurants so far, and now expects to complete all of the sales by the end of the First Quarter 2014.
The Company anticipates total proceeds from System Optimization of approximately $235m, including $138m in 2013.
With the purchase of the Dallas-Ft Worth restaurants, MUY Hamburger Partners, led by president and CEO James Bodenstedt, will now operate a total of 87 Wendy’s restaurants in Texas.
The purchase agreement includes a commitment to reimage selected restaurants in Wendy’s contemporary Image Activation restaurant design, as well as development plans for new restaurants.
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