What Happened to The Wendy's Company?
The Wendy's Company is currently undergoing a significant turnaround effort, dubbed "Project Fresh," to address declining U.S. sales and store closures. Under new CEO Robert D. "Bob" Wright, appointed in May 2026, the company is focusing on operational excellence, digital innovation, and value offerings, while continuing to pursue international expansion.
Quick Answer
Wendy's is in the midst of a major strategic overhaul called "Project Fresh" as of late 2025 and 2026, aimed at revitalizing its brand and improving profitability. This includes closing hundreds of underperforming U.S. restaurants, enhancing digital experiences, and refining its value menu. Robert D. "Bob" Wright took over as CEO in May 2026, tasked with leading the company through these challenges, which have seen recent declines in U.S. same-restaurant sales and a dividend cut.
📊Key Facts
📅Complete Timeline15 events
First Wendy's Restaurant Opens
Dave Thomas opens the first Wendy's Old Fashioned Hamburgers restaurant in Columbus, Ohio, known for its square beef patties and Frosty desserts.
Introduces First Modern Drive-Thru
Wendy's pioneers the "Pick-Up Window," which becomes the world's first modern drive-thru, significantly boosting sales and expansion.
Franchising Begins
Wendy's begins franchising its restaurant concept, allowing for rapid expansion across the United States.
First Canadian Restaurant Opens
Wendy's expands internationally, opening its first restaurant in Hamilton, Ontario, Canada.
"Where's the Beef?" Advertising Campaign
Wendy's launches its iconic "Where's the Beef?" campaign, which becomes a cultural phenomenon and boosts brand recognition.
Dave Thomas Appears in First TV Commercial
Founder Dave Thomas begins appearing in Wendy's TV commercials, becoming a beloved and recognizable face for the brand.
Spicy Chicken Sandwich Introduced
Wendy's becomes the first major fast-food chain to introduce a spicy chicken sandwich, which becomes a permanent menu item in 1996.
National Breakfast Menu Launch
Wendy's introduces a national breakfast menu across most of its U.S. stores, aiming to capture a new daypart.
Accelerates Restaurant Closures
Wendy's announces plans to accelerate the closure of approximately 140 underperforming and outdated restaurants, moving planned 2025 closures into 2024.
Launches "Project Fresh" Turnaround Plan
The Wendy's Company unveils "Project Fresh," a comprehensive strategic plan to revitalize the brand, optimize its system, enhance operations, and reallocate capital to drive growth and shareholder value.
Reports Q4 2025 Results and Plans Further U.S. Closures
Wendy's reports a challenging Q4 2025 with global systemwide sales down 8.3% and announces plans to close 5-6% of its U.S. restaurants (298-358 locations) in the first half of 2026 as part of Project Fresh.
Announces Major International Expansion
Wendy's finalizes franchise agreements to open over 60 new restaurants in Mexico and a significant deal to develop up to 1,000 new locations in China over the next decade.
Robert D. "Bob" Wright Appointed CEO
Robert D. "Bob" Wright is named President and Chief Executive Officer of The Wendy's Company, effective May 21, 2026, bringing extensive quick-service restaurant leadership experience.
Reports Q2 2026 Results, Cuts Dividend, Withdraws Outlook
Wendy's reports a 6.5% decrease in global systemwide sales and a 7.0% decline in U.S. same-restaurant sales for Q2 2026. The company cuts its quarterly dividend and withdraws its full-year 2026 financial outlook, citing ongoing challenges.
Largest Franchisee Files for Bankruptcy
Meritage Hospitality Group, Wendy's largest franchisee with 314 restaurants, files for Chapter 11 bankruptcy after facing declining revenue and attempts by Wendy's to terminate its franchise agreements.
Follow this story
Get an email when this timeline gets a major update.
🔍Deep Dive Analysis
The Wendy's Company, a prominent player in the quick-service restaurant industry, has faced significant headwinds in recent years, particularly in its U.S. market. After experiencing strong digital sales growth in 2024, the company encountered declining U.S. same-store sales and profitability challenges throughout 2025 and into 2026. This downturn was attributed to several factors, including a marketing strategy that "swung the pendulum too far towards limited-time price promotions instead of everyday value", a portfolio of outdated restaurants, reduced effectiveness of brand marketing under previous management, and rising U.S. beef prices.
A key turning point came in October 2025 with the launch of "Project Fresh," a comprehensive strategic plan designed to revitalize the brand, optimize its system, enhance operational excellence, and reallocate capital. This initiative included the strategic decision to close a significant number of underperforming U.S. restaurants, with plans to shut down between 5% and 6% of its U.S. locations (approximately 298 to 358 restaurants) in the first half of 2026, following 240 closures in 2024. The company also began to allow franchisees to opt out of the breakfast daypart if it wasn't performing well in their market.
Leadership changes have also marked this period. After several CEO changes since 2024, Robert D. "Bob" Wright was appointed President and CEO in May 2026, returning to Wendy's after a tenure as CEO of Potbelly Corporation. Wright immediately emphasized the need for consistent customer experience, digital improvements, and operational investments to drive a turnaround.
As of September 2026, Wendy's continues its "Project Fresh" implementation. The company reported a 6.5% decrease in global systemwide sales and a 7.0% decline in U.S. same-restaurant sales for Q2 2026, leading to a dividend cut and the withdrawal of its full-year 2026 financial outlook. This challenging environment has also impacted its franchise system, with Meritage Hospitality Group, one of Wendy's largest franchisees, filing for bankruptcy in September 2026 after facing declining revenue and attempts by Wendy's to terminate its operating rights. Despite domestic struggles, international expansion remains a growth driver, with agreements signed for over 60 new restaurants in Mexico and up to 1,000 in China in 2026. Wendy's is also innovating its menu, bringing back popular items like the Pretzel Bacon Pub Cheeseburger and introducing new Frosty flavors and value offerings in 2026. The company is investing in technology, including AI-powered drive-thrus, to boost efficiency and customer experience.
What If...?
Explore alternate histories. What if The Wendy's Company made different choices?