Wendy’s to close hundreds of U.S. locations

Wendy’s plans to close hundreds of U.S. restaurants, expecting a decline in revenue and profits due to cutbacks by lower-income consumers, with closures starting in Q4 2023 and potentially affecting around 300 locations. Interim CEO Ken Cook indicated that underperforming stores would be shuttered to enhance traffic and profitability at remaining outlets. Same-store sales fell 4% in the first nine months of 2023, prompting a shift in marketing to emphasize value and fresh ingredients. Wendy’s shares rose slightly but remain down 46% this year.

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