Wendy’s has announced their future plans for success while trimming some fat.
According to CNN, “Wendy’s is closing 140 restaurants in the coming months,” and furthermore, “the restaurants targeted to close are ‘outdated and located in underperforming’ areas, Wendy’s CEO Kirk Tanner said on an earnings call.”
Moreover, in Wendy’s official earnings presentation, the fast-food restaurant has unveiled a new development incentive structure across the U.S., Canada, and Latin America, aiming to open between 250 to 300 new restaurants globally in 2024. The company’s commitment to its expansion is reflected in its goal for 2025, where all anticipated new builds will be linked to specific development commitments.
In addition, Wendy’s has extended its partnership with Coca-Cola, enhancing its beverage portfolio and maintaining the competitive advantage of the Coca-Cola Freestyle machine systemwide. This collaboration is expected to drive both immediate and long-term profitable growth, highlighted by a limited-time promotion offering any size drink for just $1 at participating U.S. locations. To improve operational efficiency, the introduction of voice AI technology is enabling crew members to enhance the customer experience.
What Happened to Wendy’s First Fast-Food Location?
The original Wendy’s location in Columbus, Ohio, which opened in 1969 and closed in 2007, struggled with high maintenance costs, low sales, and lack of drive-thru service, leading to its closure. Although it briefly became a museum for the brand, the upkeep proved unsustainable, and artifacts were moved to Wendy’s corporate office, where a historical marker now commemorates the site.
In financial news, Wendy’s reported mixed results in its latest quarter, exceeding EBITDA expectations but experiencing a decline in U.S. comparable sales. The company has also opened a new restaurant in Great Falls, Montana, and contributed over $50,000 to support foster and adoptive parents in New Hampshire through a local initiative.
Additionally, Wendy’s launched a new ad campaign promoting its $1 Frosty, capitalizing on McDonald’s ice cream machine issues, and is set to release a SpongeBob-themed Frosty and a Krabby Patty burger on October 8.
