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Hardee's sells 29 stores in ongoing strategic refranchising
September 1, 2008
CARPINTERIA, Calif. — CKE Restaurants Inc. has announced the sale of 29 Hardee's restaurants as part of its ongoing strategic refranchising program that was originally announced in April 2007. To date, the company has sold 224 restaurants to franchisees and secured commitments for 105 new franchise restaurants under development agreements for those markets.
The company most recently completed the sale of 23 restaurants in Indiana and Ohio to Midwest First Star Inc. The principals of the franchisee purchasing the restaurants — Farooq Shah and Carri Simon — are new to the Hardee's franchise system, although Simon has been a Hardee's company restaurant operator for nine years, the last two as a regional vice-president of operations. Midwest First Star Inc. has also committed to build a minimum of seven new Hardee's restaurant locations over the next seven years in these markets.
The company also completed the sale of six restaurants in the Davenport, Iowa, market to Westar Foods, Inc. Westar joined the Hardee's franchise system last year through the purchase of the Des Moines and Cedar Rapids, Iowa, markets. Westar has also committed to build a minimum of four new Hardee's restaurant locations in the Davenport market over the next four and a half years.
As of the end of its fiscal 2009 first quarter ended May 19, 2008, CKE Restaurants Inc., through its subsidiaries, had a total of 3,101 franchised, licensed or company-operated restaurants in 42 states and in 13 countries, including 1,162 Carl's Jr. restaurants and 1,923 Hardee's restaurants.
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