Wendy’s Plans to Close Some Baja Fresh Stores

Wendy’s International Inc. said it planned to shutter 15 to 18 Baja Fresh Mexican Grill restaurants outside of California.

Wendy’s said it would take a charge of $17 million to $20 million related to the closures and a goodwill impairment write-down of $175 million to $195 million in the fourth quarter for Baja Fresh.

Sales at the Thousand Oaks-based chain of 305 fresh Mexican eateries have failed to meet the expectations of Wendy’s, which purchased the company in 2002 for $275 million.

Dean Haskell, an analyst with JMP Securities, said the announcement suggested that Wendy’s paid too much for Baja Fresh, which he said was experiencing growing pains typical of a young concept.