Dan O’Brien and Doug Rich also operate Bodan Incorporated, based in Boulder, Colorado, with 18 Wendy’s restaurants in Colorado, Wyoming and Nebraska.
This sale of restaurants is part of the company’s plan proposed in July to geographically concentrate its restaurant ownership through the sale of about 425 company-operated restaurants in 13 US markets, mainly in the West.
Wendy’s noted that restaurants are being sold to qualified operators on a market-by-market basis, with the completion of this process targeted by second quarter of 2014.
Recently, Wendy’s, the world’s third-largest quick-service hamburger company, announced plans to sell 54 restaurants, including one in development, in the Salt Lake City market to a subsidiary of NPC International, a restaurant operator in the US.
The company will also reimage certain restaurants in Wendy’s contemporary Image Activation restaurant design, under these agreements. They also include development plans for new restaurants.
Wendy’s president and chief executive officer Emil Brolick said that the company anticipates generating a higher operating margin and stronger free cash flow, along with further enhancing the quality of its earnings with a more predictable revenue stream from a higher percentage of royalty and rental income, as part of system optimization.
As of now, Wendy’s has now sold or has announced signed agreements for 233 restaurants this year, as part of its system optimization initiative.
The Wendy’s presently operates more than 6,500 franchise and company-operated restaurants in the US and 28 countries and US territories worldwide.