Wendy's Plans to Sell Another 500 Restaurants After Results Miss

Fast food chain Wendy's is tightening its belt after missing Q4 revenue projections. The company has announced it will sell another 500 restaurants to cut increased spending costs. Record high beef prices have also eaten into the company profit of $23.3 million or $0.06 a share. That's down from last years numbers of $33.1 million or $0.08 a share. Revenue dropped 15.3% to $502 million as Wendy's says it plans to own just 5% of its stores by mid 2016. The Ohio-based chain has adjusted 2015 earnings to a range of $0.33 to $0.35 cents per share. The stock was up on the news.