Wendy’s has ‘quality bidders’ for Arby’s

Wendy’s/Arby’s Inc. is getting closer to selling its Arby’s chain and has “several quality bidders,” says CEO Roland Smith. Smith, in a first-quarter earnings call with analysts, says the bidders had completed “significant due diligence” and had come from a larger pool that had expressed interest. He didn’t give details or a time line but says it is “in the best interest of the company to bring this process to closure as soon as possible.” Wendy’s/Arby’s Group Inc. also plans to raise prices, following the lead of competitors such as McDonald’s Corp. The company also cut its earnings outlook because of rising costs for beef and other ingredients. In a statement, Smith called the run-up in beef prices “unprecedented.” He says the restaurant plans “prudent” price increases, meaning it doesn’t want to raise prices so much that potential customers opt to eat at home instead.