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Wendy’s to sell hundreds of restaurants, bakery operations

Wendy’s Co. shares surged after the burger chain said it would divest its bakery operations and pushed ahead with a plan to sell hundreds of restaurants to franchisees, aiming to refocus the company and cut costs.

The bakery business, which produces buns for Wendy’s, is expected to be sold by the second quarter, the Dublin, Ohio-based chain said in a statement Wednesday. That will give the company the freedom to work with more suppliers, Wendy’s said.

“This divestiture will provide us with greater sourcing flexibility, focus resources on our core restaurant business and eliminate future bakery capital expenditures,” Chief Executive Officer Emil Brolick said in the statement.

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