The Wendy's Co. (Nasdaq: WEN) is selling all of its company-owned restaurants west of the Mississippi River, except its stores in metro Denver.
The hamburger chain announced its plans earlier this year to sell 425 company-owned restaurants to franchisees by the second quarter of 2014.
"We expect to generate a higher operating margin and stronger free cash flow, along with further enhancing the quality of our earnings with a more predictable revenue stream from a higher percentage of royalty and rent income," CEO Emil Brolick said in a press statement at the time.
Wendy's is holding on to its Denver eateries as a training base for the chain. However, it wants to keep its company-owned stores focused on the Mississippi River corridor, according to Brolick.
Earlier this week, Cedar Enterprises purchased 24 of Wendy's company-owned restaurants in Seattle, Wash. Cedar now operates 170 Wendy's in five states.
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