Ohio-based fast-food chain Wendy’s will close more than 100 “underperforming” restaurants by the end of 2024, officials said on a conference call Thursday.

The announcement comes as popular fast food chains such as Wendy’s, McDonald’s and Burger King are working to win back customers through value meal deals and discounts.

The closures were based on a “robust review” of individual restaurants, said Kirk Tanner, president and chief executive officer of Wendy’s. Tanner continued that the restaurant closures are outdated and in “underperforming areas.”

Tanner said the closures, which amount to about 140 restaurants, have been accelerated. Wendy’s initially did not provide any information about the locations of the stores expected to close.

“These are closures that would have occurred in ’25, ’26 and ’27,” officials said during the call, adding that the same number of stores are expected to open by year’s end.

Despite the closures, Wendy’s has opened more than 500 restaurants nationwide in the past two years and the chain is “confident of achieving increased growth in 2025 and the years ahead,” a spokesman said.

The chain also announced new menu offerings on the call, including a new Salted Caramel Frosty and the “return of the customer-favorite Mushroom Bacon Cheeseburger.”

Earlier this year, Wendy’s introduced Krabby Patty to the menu as part of a collaboration with SpongeBob SquarePants.