Dublin, OH, Wendy’s International announced today that it plans to sell part of its Tim Hortons doughnut and coffee chain. The announcement came weeks after a major Wendy’s shareholder sent a letter urging a spin-off of the profitable Horton’s.
Wendy’s also said that it plans to convert a portion of its company-owned burger restaurants into franchises and sell some of the land it rents to franchises.
The company hopes to complete an initial public offering of 15% to 18% of Tim Hortons stores by the end of next March and plans to retain ownership of the rest of the company.
The chain also plans to close between 40 and 60 underperforming Wendy’s restaurants and sell 217 parcels of land it currently leases to franchisees.