March 26, 2020 / 11:17 AM / 9 days ago

BRIEF-The Wendy's Company Provides Update On COVID-19 And Actions Taken

March 26 (Reuters) - Wendys Co:

* THE WENDY’S COMPANY PROVIDES UPDATE ON COVID-19 AND ACTIONS TAKEN

* WENDYS CO - COMPANY WITHDRAWING 2020 OUTLOOK

* WENDYS CO - GLOBAL SAME-RESTAURANT SALES FOR QUARTER-TO-DATE THROUGH MARCH 22, 2020 WERE UP 2.8%

* WENDYS CO - HAS INCREASED ITS CASH POSITION BY DRAWING DOWN $120 MILLION UNDER ITS REVOLVING FINANCING FACILITY

* WENDYS CO - SAME-RESTAURANT SALES WERE UP APPROXIMATELY 4% THROUGH FIRST TWO MONTHS OF QUARTER

* WENDYS CO - INCLUDING DRAW DOWN, COMPANY CURRENTLY HAS OVER $340 MILLION IN CASH ON HAND

* WENDYS CO - HAS SUSPENDED ALL SHARE REPURCHASE ACTIVITY

* WENDYS CO - EXTENDING PAYMENT TERMS FOR ROYALTIES AND MARKETING FUNDS BY 45 DAYS FOR NEXT THREE MONTHS

* WENDYS CO - IN THE MOST RECENT WEEK, ENDED MARCH 22, 2020, SAME-RESTAURANT SALES HAVE TURNED TO DOWN APPROXIMATELY 20%

* WENDYS CO - WITHDRAWING 2021-2024 LONG-TERM OUTLOOK

* WENDYS CO - IN WEEK ENDED MARCH 22, 2020, SAME-RESTAURANT SALES HAVE TURNED TO DOWN APPROXIMATELY 20%

* WENDYS CO - INTENDS TO REMOVE ITS INCREMENTAL BREAKFAST MARKETING SPEND INVESTMENT IN 2020

* WENDYS CO - DRIVE-THRU AND DIGITAL ORDERING HAVE SEEN SIGNIFICANT INCREASES IN U.S FOR THE WEEK ENDED MARCH 22, 2020

* WENDYS CO - 235 TEMPORARY RESTAURANT CLOSURES AS OF MARCH 24, 2020

* WENDYS CO - CURRENTLY EVALUATING ITS PLANNED 2020 GENERAL AND ADMINISTRATIVE EXPENSES AND CAPITAL PLAN

* WENDYS CO - EXTENDING PAYMENT TERMS FOR ROYALTIES AND MARKETING FUNDS BY 45 DAYS FOR NEXT THREE MONTHS

* WENDYS CO - DEFERRING BASE RENT PAYMENTS ON PROPERTIES OWNED BY WENDY’S AND LEASED TO FRANCHISEES BY 50% OVER NEXT THREE MONTHS

* WENDYS - IMPLEMENTED NEW EMERGENCY PAID SICK LEAVE POLICY WITH UP TO 14 DAYS PAID LEAVE IN EVENT EMPLOYEES UNABLE TO WORK DUE TO COVID-19 CHALLENGES Source text for Eikon: Further company coverage:

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