Wendy’s Co. is bidding to buy approximately 400 of its restaurants out of bankruptcy from NPC Quality Burgers, a bankrupt franchisee owned by NPC International Inc., according to The New York Post.
Jonathan Weiss. Shutterstock.
NPC Quality Burgers filed for bankruptcy and began selling its assets, including Wendy’s restaurants, in July, The New York Post reported.
Wendy’s hopes to own approximately 5% of its locations in just one or two markets, and is relying on other franchisees to buy most of the markets previously held by NPC as part of the consortium bid, according to The New York Post. (RELATED: Friendly’s Files For Bankruptcy Again, Says Pandemic Hurt Recovery Efforts)
“The Company is actively participating in the chapter 11 proceedings and continues to evaluate its strategic alternatives in connection with the sale process,” the hamburger chain stated in the SEC filing. “If the consortium bid is ultimately successful, the Company expects that several existing and new franchisees would be the ultimate purchasers of most of the NPC markets, with the Company acquiring at most one or two markets. The Company remains committed to maintaining its ownership level of approximately 5% of the total Wendy’s system.”
“There can be no assurances regarding the outcome of NPC’s chapter 11 proceedings, including whether the consortium bid or any other sale will be successful,” the filing continued.