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| Free Hospitality Publications |
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Restaurant Industry News
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Tuesday October 24th, 2006 |
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Wendy's unveils plan to improve restaurants
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Wendy's International Inc., on the heels of selling its struggling Baja Fresh Mexican Grill chain, said it will pour about $525 million over the next five years into improving its hamburger restaurants. |
Wendy's (NYSE:WEN) also said it would buy back up to 34.5 million of its shares, or nearly 30 percent of the total outstanding, over the next two years. It will start that effort with an $800 million Dutch auction, in which shareholders set the price they're willing to take for their shares. The company then buys back shares from the lowest bidders.
The Dublin-based hamburger chain said it is making the following investments to strengthen the chain:
$100 million over the next five years to buy franchised restaurants to renovate and resell. About $60 million a year over the next five years to renovate company-owned restaurants. About $25 million a year over the next five years in incentives for franchisees to upgrade their restaurants.
External Source - For the complete article click here
Source - bizjournals.com
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