Wendy’s In addition to the 100 restaurants it said it would close in May, it also plans to close 140 U.S. restaurants by the end of this year.

But in a conference call with investors on Thursday, the company said those closures would be offset by new restaurant openings. Wendy’s said it plans to open 250 to 300 restaurants this year.

Wendy’s President and CEO Kirk Tanner said the restaurants that closed were underperforming others.

“They’re just in places that don’t build our brands,” Tanner said. “You’re looking at a 55-year-old brand, and some of these restaurants are pretty outdated.”

Dublin, Ohio-based Wendy’s did not provide a list of locations that will close. But Tanner said they are spreading all over the country.

“Our focus is on building new restaurants because we know they are performing well above the average of these underperforming restaurants,” he said. “Overall, we want the best restaurants for our customers and the customer experience we want to offer.”

Wendy’s had 7,292 restaurants at the end of the third quarter. More than 80 percent of them are in the USA

Wendy’s shares rose 3.5% in Friday trading.

Restaurant sales in the U.S. have seen little growth this year as many consumers resist rising menu prices. Wendy’s same-store sales, or sales at locations open at least a year, rose less than 1% in the U.S. in the first half of this year.

In early October, Denny’s announced it would close 150 stores by the end of 2025. Red Lobster filed for bankruptcy protection in May after closing dozens of stores.