Wendy's Sells 24 Company Owned Restaurants
Cedar Enterprises, Inc. became the third largest franchisee of Wendy's restaurants after its purchas…Cedar Enterprises, Inc. became the third largest franchisee of Wendy's restaurants after its purchase of all Wendy's Company-owned restaurants and two future locations in the Seattle market. Cedar Enterprises currently owns 170 restaurants in five states, including 47 in Washington State.
As part of the agreement, Wendy's and Cedar Enterprises will renovate certain restaurants in what Wendy's calls the new "Image Activation" design, which is part of the company's brand transformation. This will include reimaging and new restaurant development, a new Wendy's logo, product innovations, new packaging and enhanced marketing. The agreement also calls for a development plan for new restaurants.
The sale is part of Wendy's strategy to concentrate its ownership geographically through the sale of 425 company-operated restaurants. The company plans to complete these transactions by the second quarter of 2014.
"We are expanding our relationship with successful, well-capitalized franchisees that are proven operators with a strong commitment to our Image Activation reimaging program," said Emil Brolick, president and CEO of Wendy's. "Cedar Enterprises — led by President Jim Evans and Franchise Owners Joe Karam, David Karam and Jim Karam — has been an important part of the Wendy's system since 1975. They are an early adopter of Image Activation, and continue to actively support our brand on many levels."
