Wendy's Completes Arby's Sale, Changes Name
The Associated Press
Wendy's/Arby's Group Inc. completed the sale of Arby's Restaurant Group Inc. to private equity firm Roark Capital Group on last Wednesday and dropped the roast beef sandwich chain from its name.
Wendy's will now focus solely on its burger chain and do business as The Wendy's Company. It will continue to trade under the ticker WEN on the New York Stock Exchange.
Arby's, meanwhile, will explore its own identity under private ownership.
Wendy's and Arby's were combined in 2008, but the combined company struggled since its formation, losing money seven of its 10 quarters.
Wendy's/Arby's announced in January that it was looking for a buyer for the roast beef chain. Roark Capital Group, based in Atlanta, agreed in June to buy a majority stake in Arby's for $130 million and assume $190 million worth of Arby's debt.
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