dennys
Denny’s
  • Denny’s on Tuesday said it will sell some of its company-operated restaurants to franchisees as part of its refranchising and development strategy.
  • Shares soared 25% following the news, hitting a 52-week high of $18.16 apiece.
  • The company’s third-quarter financial results missed both on the top and bottom lines.

Denny’s shares soared 25% Wednesday, hitting a 52-week high of $18.16 apiece, after the restaurant chain said it will sell some of its company-operated restaurants to franchisees.

Denny’s management on Tuesday told investors that Denny’s intends to sell between 90 and 125 company-operated restaurants in the next 18 months in order to make it a purer franchised brand. Currently, a total…