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The Wendy's Company today announced the sale of 70 restaurants in the Dallas-Ft. Worth metroplex to Texas-based MUY Hamburger Partners LLC.
According to a news release, the transaction is part of the company's System Optimization initiative 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 U.S. markets, primarily in the West. So far, Wendy's has completed the market-by-market sale of 314 restaurants, and now expects to complete all of the sales by the end of Q1.
The company anticipates total proceeds from System Optimization of approximately $235 million, including $138 million 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 Image Activation restaurant design, as well as development plans for new restaurants.
"Jim is a tremendous operator with strong operational focus and customer service orientation," said Emil Brolick, Wendy's CEO and president. "We're confident the MUY organization has the talent, proven experience and resources to build on Wendy's strong presence in the Dallas-Fort Worth market through restaurant reimaging, new development and other growth initiatives."
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