Wendy’s May Sell Its Baja Fresh Chain

Associated Press:

Wendy’s International Inc. is exploring a sale of its underperforming Baja Fresh Mexican Grill unit and plans to boost its board ranks with three new directors endorsed by an influential investor.

Wendy’s also will speed the public offering and spin off its Tim Hortons chain, which sells coffee and doughnuts, aiming to complete that process by year’s end.

The decision Thursday by the No. 3 U.S. hamburger chain amounted to a capitulation to pressure for better returns from billionaire investor Nelson Peltz’s Trian Partners and Sandell Asset Management Corp.