Wendy’s Baja Fresh sale
Wendy’s has completed the sale of its struggling Baja Fresh Mexican Grill chain.
A consortium of investment groups led by David Kim, a West Coast restaurateur and retailer, bought the 298-unit chain for approximately $31 million. Kim owns the Sweet Factory candy store chain and is a franchisee of Cinnabon and Denny’s restaurants.
The purchase price is well below the $275 million that Wendy’s (NYSE:WEN) paid for the then-173 unit Baja Fresh chain in 2002. The sale of the chain and the spinoff of Tim Hortons Inc. will allow the company to focus on its flagship Wendy’s chain, CEO and President Kerrii B. Anderson said last month. It’s also considering offers for its smaller Cafe Express and Pasta Pomodoro chains.
Wendy’s acknowledged in March it was exploring selling the unprofitable Baja Fresh chain, a move pushed for by activist investors who also agitated for the Oakville, Ontario-based Tim Hortons (NYSE:THI) spinoff. Wendy’s completed the spinoff of the coffee-and-doughnut chain in September.
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