American Restaurants Corp. in Ventura agreed to sell its 11 remaining Wendy's restaurant franchises to a Newbury Park company for $6.5 million in cash and stock.
The proposed sale of the outlets to Southern California Food Services Corp. will enable ARC to focus on its Hudson's Grills restaurants, ARC President Charles L. Boppell said.
The company currently operates 15 Hudson's Grills and three specialty restaurants, but wants to expand the Hudson's Grill chain internally and through franchising. ARC also is in the process of changing its name to Hudson's Grill of America Inc., Boppell said in a statement.
The Wendy's outlets being sold are nearly all in Ventura County and in the San Fernando Valley. Southern California Food Services is owned by Donald R. Beck, John K. Rogers and WestSphere Capital, ARC said.
Three years ago, ARC operated 35 Wendy's franchises, but since Boppell was hired as president in 1988, he has been selling them to concentrate on Hudson's Grills.