Wendy’s targets 5–6% U.S. restaurant closures under Project Fresh, launches Biggie Deals value menu

Wendy’s narrows U.S. footprint under Project Fresh

Wendy’s is accelerating a planned reshaping of its U.S. restaurant base under Project Fresh, saying it will close hundreds of underperforming outlets as it seeks to stabilise sales and rebuild guest frequency. Interim CEO Ken Cook says same-store sales in the October–December quarter fall 11.3% in the United States, prompting the chain to shutter 28 locations in Q4 and to target the closure of roughly 5%–6% of its 5,959 U.S. restaurants — about 298 to 358 outlets — in the first half of this year. Project Fresh, announced in October 2025, frames the unit rationalisation as a key lever to redirect resources to higher-return markets and franchise partners.

The company positions the closures as part of a broader “rebuilding year” for 2026 focused on restoring relevance and trust through disciplined execution and marketing. Cook concedes that in 2025 Wendy’s “swung the pendulum too far towards limited‑time price promotions instead of everyday value,” and management says the unit cuts will accompany tightened marketing spend and operational support for remaining restaurants. The goal is to stop the U.S. sales decline, rebuild guest frequency and return to positive comparable-sales growth and margin expansion in coming quarters.

Wendy’s also emphasises that closures will be selective rather than a broad retreat, with the company redirecting capital and product development toward locations and formats that can drive traffic and profitability. Management frames the program as targeted portfolio optimisation — paring underperformers while investing behind formats, markets and franchisees that can accelerate recovery and long-term growth.

Everyday value and menu refresh

To combat traffic pressure and compete with peers emphasising affordability, Wendy’s launches a permanent value platform called Biggie Deals in January, with $4, $6 and $8 tiers aimed at core customers facing higher living costs. The chain also flags product innovation slated for 2026, including a new chicken sandwich and a “cheesy bacon cheeseburger,” which it says will support the value push and help reignite same-store sales.

Investor engagement and board stance

Separately, activist investor Trian shows shifting portfolio exposures in a recent 13F filing and has submitted a Schedule 13D/A; Wendy’s responds that its board routinely reviews strategic priorities and will carefully evaluate any proposal in accordance with fiduciary duties. The company reiterates confidence in Project Fresh and its international growth while directing readers to its SEC filings for forward‑looking risks.