Wendy's International Inc. said Thursday that it has found a buyer for its struggling Baja Fresh Mexican Grill chain.
The Thousand Oaks-based Mexican food chain is being sold for $31 million to a consortium of investment groups led by David Kim, an Anaheim restaurant chain investor who also owns the Sweet Factory chain and is a franchisee of Cinnabon and Denny's outlets.
The price of the 300-chain restaurant will be well below the $275 million that Wendy's paid for the chain, which had about 170 restaurants, four years ago. The Dublin, Ohio-based fast food company said it will now focus on developing its burger chain.
Shares in Wendy's were up $1.04 to $34.76 in early trading Thursday.
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