LOUISVILLE, Ky. ( TheStreet) -- Yum! Brands (YUM - Get Report) said Tuesday it put restaurant chains Long John Silver's and A&W All-American Restaurants up for sale as it pushes to expand in international markets.
Yum! said the divestments come as it narrows its focus for long-term growth plans toward greater expansion in China and other international markets while concurrently growing sales at
Pizza Hut and
KFC in the U.S.
Investors were pleased with the idea of a slimmer, more focused Yum!, bidding the restaurant operator's shares 2.6% higher to $49.10 in early-afternoon trading. More than 3.2 million shares were in play with just under three hours left in the session, compared with their average daily trading volume of 2.8 million.Yum! said it was looking for a buyer for LJS and A&W but has yet to find one. CEO David C. Novak commented that Yum! grew earnings-per-share by 13% over the past ten years, crediting the growth to aggressive expansion in China and other