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Credit crunch slows Yum refranchising
October 8, 2008
The Courier-Journal (Louisville, Ky.): Yum! Brands executives said in a conference call that lenders have raised equity requirements for some franchisees recently, making it more difficult for the company to sell some of its U.S. restaurants to franchisees.
The company still expects to meet its goal of shedding at least 500 domestic stores this year, having sold 421 restaurants to franchisees as of Sept. 6, including Pizza Hut, Taco Bell and KFC locations. Yum's goal is to reduce company ownership below 10 percent of its nearly 18,000 overall domestic restaurants by the end of 2010, but the company's future success and growth isn't dependent on meeting that timeline, the company said.
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