Wendy's shares slip after US franchisee files for bankruptcy

Investing.com -- Wendy's shares briefly fell as much as 6% during trading on Friday after one of its US franchisees filed for bankruptcy protection.

Meritage Hospitality Group, which operates 314 Wendy's and other restaurants across 15 states, announced it voluntarily filed petitions for relief under Chapter 11 of the US Bankruptcy Code.

"The filing follows a candid assessment of the financial pressures facing the Company, including the sustained system-wide headwinds affecting the broader Wendy's brand over the past few years," the company stated.

Meritage Hospitality Group said it maintains a high level of confidence in the opportunity for a brand turnaround.

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