Wendy’s said it will close up to 350 U.S. restaurants between late 2025 and 2026, alongside a 46% stock plunge and weakening sales.

The move extends Wendy’s store closures after 240 shutdowns in 2024, as Wendy’s stock plunge, inflation, and competition strain margins. Same‑store sales fell 4.7% while rivals such as McDonald’s grew.

With 94% of locations franchised, operators face uncertainty over which sites will shut, and analysts expect low‑traffic, high‑cost, or oversaturated markets to be targeted. Project Fresh, launched in October 2025, emphasizes marketing, technology, and menu updates, showing limited promise. Between 2024 and 2026, the chain projects 440–590 total closures aimed at improving franchisee performance.