Wendy's International Inc. has completed the sale of its struggling Baja Fresh Mexican Grill chain.
A consortium of investment groups led by David Kim, an Anaheim-based restaurateur and retailer, bought the 298-unit Thousand Oaks-based chain for approximately $31 million last month. Kim owns the Sweet Factory chain and is a franchisee of Cinnabon and Denny's restaurants.
Wendy's originally paid $275 million for the then-173 unit Baja Fresh chain four years ago and the chain has struggled ever since.
Since becoming part of Wendy's, Baja Fresh has cost the Dublin, Ohio-based hamburger chain around $300 million in write offs, closures and goodwill charges, Wendy's said.
Wendy's first explored the option of a sale in March and now looks to focus on its flagship fast food franchises.
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