POSTED: 12:34 p.m. HST, Mar 24, 2014
LAST UPDATED: 1:13 p.m. HST, Mar 24, 2014
Seven Hawaii Wendy's restaurants and 32 locations in the Los Angeles and Palm Springs areas were purchased by California-based Cotti Foods California Inc., a Wendy's franchisee.
The Wendy's Co. announced the sale on Monday along with the sale of other restaurants in the Phoenix and Albuquerque, N.M. areas.
The transaction completes what the company is calling its "System Optimization" initiative.
Since July 2013, Wendy's has sold 418 company-operated restaurants in 13 U.S. markets, primarily in the West as part of a strategy to geographically align its restaurant ownership.
Wendy's received about $235 million for the sales, including $138 million in 2013.
"We are proud of our team that has diligently worked to complete the sale -- faster than our original plan -- of the 13 total markets to excellent franchise organizations that are fully committed to building the Wendy's brand through restaurant re-imaging, new development and other growth initiatives," Wendy's President and Chief Executive Officer Emil Brolick said in a news release.
With the completion of the System Optimization initiative, the company will operate about 1,000 restaurants in the United States and Canada, comprising about 15 percent of Wendy's restaurant system.
The company has six restaurants on Oahu and one restaurant on Maui.