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The Wendyï¿½s Company is a quick-service hamburger company. The Wendyï¿½s system includes more than 6,500 franchise and Company restaurants in the United States and 27 other countries and the United States territories worldwide. As of January 1, 2012, the Wendyï¿½s restaurant system consisted of 6,594 restaurants, of which 1,417 were owned and operated by the Company. During the fiscal year ended January 1, 2012 (fiscal 2011), Wendyï¿½s opened 20 company-owned restaurants and closed 15 underperforming company-owned restaurants. In addition, Wendyï¿½s purchased 18 restaurants from its franchisees. During fiscal 2011, Wendyï¿½s franchisees opened 69 restaurants and closed 56 underperforming restaurants. On July 4, 2011, The Wendyï¿½s Company completed the sale of Arbyï¿½s Restaurant Group, Inc. (Arbyï¿½s), its wholly owned subsidiary, to ARG IH Corporation, a wholly owned subsidiary of ARG Holding Corporation. During fiscal 2011, the Company sold five company-owned Wendyï¿½s restaurants to franchisees.