Wendy’s Co. announced plans Wednesday to sell off its Ohio bun-making business this month, while the burger chain provided greater detail about plans to sell off more than 600 of its company-owned restaurants to franchisees.
The company also reported profit that narrowly topped Wall Street expectations for the first quarter, through sales fell below expectations amid fewer stores.
Shares of Wendy’s, up about 31% in the last year, gained 5.3% in morning trading to $10.98.
Like many other restaurant chains, including McDonald’s Corp. and Burger King Worldwide Inc., Wendy’s has been selling off its company-owned restaurants to franchisees to ensure a more predictable cash flow and higher margins.
