Wendy’s announces it will close down 140 locations as CEO blames downfall on ‘outdated’ areas

A POPULAR restaurant chain is poised to shut down 140 outdated stores in under-performing areas in a bid to strengthen profit forecasts.

Wendy’s CEO Kirk Tanner revealed in an earnings call on Thursday that the chain would shut over 100 stores across the country this quarter.

The restaurant closures will be offset by new restaurant openings, making net unit growth about flat according to the company’s CFO Gunther Plosch.

The chain — which is the second largest fast-food chain in America — said it expected to open 250 to 300 new restaurants across the world this year.

The closure comes following a number of restaurant closures in recent months, as chain restaurants suffer from soaring rents, inflation and rising expenses.

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RSK: Under performing stores mostly. Should be a few prime locations available. Most expansion will be outside of the US.