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Wendy's has a massive problem: It's closing restaurants left and right
['Tue', 'August', 'At Pm Gmt', 'Min Read']
Yahoo Finance
Wendy's (WEN) nearly two years of struggles competing with the likes of behemoths McDonald's (MCD) and Yum!
Brands' (YUM) Taco Bell, plus upstarts such as Shake Shack, are creating one big problem.
"Understand that the health of franchisees certainly is pressured right now because of the sales declines that we have had," new Wendy's CEO Bob Wright told analysts on the call.
Wright's appointment marked a return to Wendy's, where he previously served in several senior leadership roles, including COO.
Wendy's same-restaurant sales in the US crashed 7% in the second quarter versus a 2.3% drop a year earlier.