Wendy's to Spin Off Tim Hortons

Wendy's (WEN Quote), the seller of square burgers, has confirmed that it plans to spin off to its stockholders the 160 million shares of doughnut chain Tim Hortons (THI Quote) that it currently owns.

The shares represent an ownership stake of nearly 83% in Tim Hortons. In March, Tim Hortons issued 17.25% of its shares in an initial public offering. Wendy's is targeting Oct. 1 as the date to complete the spinoff.

Additionally, as part of its goal to cut costs by $100 million, the company last month offered an early retirement to around 175 full-time U.S. employees. The workers who agree to take part in the program are among the total 350 to 375 positions Wendy's plans to eliminate. ...