The funds were to have been used to repay debt as the company attempted to expand out of its core Southern California market. Citing market conditions, the Irvine-based chain backed off its plan, announced in May, to raise $135 million through an initial public offering. The company said it would buy back 35.4 million shares for as much as $800 million, part of a plan to return $1 billion to stockholders.Īnother Mexican food chain, El Pollo Loco, was also suffering some financial heartburn Thursday. Wendy’s shares Thursday gained $1.39 to close at $35.11. “The risk factor is not very high at that price point,” he said, “even if he just gets income from the franchise fees.” The price Kim paid for the chain - which comes out to about $100,000 a restaurant - was reasonable, even in the face of declining sales, restaurant consultant Paul said. Thyme Out provides catering for your business meetings, events or for individual clients in Dublin area. Say 'Hello' to your mornings with our delicious freshly-made coffee. Kim was traveling and couldn’t be reached for comment. Using local fresh vegetables, herbs and spices we make exceptionally tasty food based on traditional Irish recipes everyday. Kim operates 400 locations of the various chains and employs more than 3,000 people, Wendy’s said. In addition to owning the Sweet Factory chain and Cinnabon cinnamon roll franchises, buyer Kim is a franchisee of Denny’s restaurants and KaBloom flowers.

Wendy’s plans to complete the sale in the fourth quarter. Wendy’s didn’t release details of the agreement to sell the 300-restaurant chain, about half of which are company owned. Investors, including billionaire Nelson Peltz, have been pressuring Wendy’s to improve results and sell lagging operations such as Baja Fresh. “There was a hope and belief it would turn around,” Lynch said. Wendy’s also tinkered with the menu and the management. “Some of them were built because contracts were already in place,” Lynch said. Customize your order: Baja Fresh allows you to personalize your meal. Same-store sales began falling, but Wendy’s added more restaurants to the 169 it originally purchased. Dont miss out on their Baja Burrito, Grilled Shrimp Tacos, or Chicken Fajitas. On the Baja Fresh Mexican Grill Catering menu, the most expensive item is Fajitas All Around Pack, which costs 152.11. “There was a very good growth plan in place,” Wendy’s spokesman Lynch said. When Wendy’s bought Baja Fresh, sales were growing at restaurants open at least a year, a key measure of health known as same-store sales.

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