(Reuters) – Wendy’s Co disclosed on Thursday it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers Inc.
NPC filed for bankruptcy protection in July and started a process to sell its assets, including its interests in Wendy’s restaurants across eight different markets.
Restaurants have been among the worst hit during the COVID-19 pandemic, with many dining chains, including California Pizza Kitchen, Chuck E. Cheese parent CEC Entertainment and Rubio’s Restaurants Inc, filing for bankruptcy.
Wendy’s said https://bit.ly/32Zy46L it remains committed to maintaining its ownership level at about 5% of the total Wendy’s system. The burger chain expects several existing and new franchisees, part of the consortium bid, to buy most of the NPC markets, with Wendy’s buying one or two at most.
Wendy’s did not disclose the size of the consortium bid.
NPC Quality Burgers’ parent, NPC International Inc, earlier this month said restaurant franchisee Flynn Restaurant Group LP had agreed to buy all of its more than 1,300 Pizza Hut and Wendy’s restaurants.
Wendy’s filed an objection last week to the sale of NPC International’s assets to Flynn, saying the bidder also operates a few of its competitors’ restaurants.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri)
