Meritage Acquires 57 Wendy’s Restaurants

Meritage Hospitality Group said on Thursday it acquired 57 Wendy’s (WEN) restaurants across the states of Arkansas, Missouri, Mississippi and Tennessee. “Our plan is to integrate each of these Wendy’s locations into our web-based operating and accounting platform, followed by an extensive remodeling program to modernize the interior and exterior of the restaurants,” Robert Schermer, chief executive, said.

Meritage expects sales growth of 30% to 40% and net earnings growth of 45% to 55% in 2017 from last year. Wendy’s shares fell 2.2% in pre-market trading to a week low, but were off only 0.2% in early trading Thursday.

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