Updated from 4:50 a.m. EST

NEW YORK ( TheStreet) -- Wendy's/Arby's Group ( WEN) confirmed Thursday it's exploring alternatives for its Arby's sandwich chain.

"We believe the way to maximize shareholder value is to focus all of our management and financial resources on continuing to build the Wendy's brand," said Nelson Peltz, chairman of Wendy's/Arby's, in a statement Thursday. "Arby's is a good business, and we are making progress improving its performance, as evidenced by the 3.1% increase in company-operated same-store sales in the fourth quarter of 2010. However, despite Arby's positive momentum, the reality is that the Wendy's brand, given its relative size and scope, is the key driver of shareholder return, and we believe we should focus on the execution of the compelling growth opportunities at Wendy's."

Peltz's hedge fund, Trian Fund Management, owns a 24.3% stake in Wendy's/Arby's, which was created in 2008, according to the Wall Street Journal.

Wendy's/Arby' s Group is the No. 3 fast-food chain in the U.S.

-- Written by Joseph Woelfel

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