Wendy's officials are hoping to raise up to $475 million by mid-year 2016, the Wall Street Journal reports, citing company plans to sell 640 company-owned restaurants to franchisees.
The fast-food chain's leadership also plans to sell its Zanesville, Ohio-based bakery.
"Going forward, we intend to buy and sell restaurants opportunistically to act as a catalyst for growth by further strengthening our franchisee base, driving new restaurant development and accelerating Image Activation adoption," Chief Executive Officer Emil Brolick said in a statement.
A total of 380 Wendy's restaurants will go on sale this year, which includes 100 locations in Canada. The other 260 locations will be sold next year.
News of announcement led to Wendy's stock shares rising by more than four percent in morning trading, according to USA Today.
Wendy's experienced somewhat favorable results in the first quarter of financial year 2015, with sales rising 3.2 percent at both company-owned and franchise-managed locations. Although earnings fell 40 percent to $27.5 million, they surpassed estimates predicted by analysts.
The fast-food chain has begun testing the sale of black-bean vegetarian burgers at several locations across Ohio, receiving positive feedback.
"The crew in the kitchen was running to keep up with the orders...The demand for the bean burgers and the line were that ridiculous," Columbus Underground writes in a review of the new product.
Wendy's was founded in 1969 in Columbus, Ohio.
