"there were 141 fewer company-owned outlets from a year ago. Analysts had projected the company would take in $486 million on its top line."

Did they actually close the locations or convert them to franchises?

Because this comment would lead one to believe they are convertting not closing

"Wendy’s is looking for higher earnings on an adjusted basis as the company continues to sell off stores. The company has stated it is on track to reduce its ownership of stores to 5 percent of the overall tally. Within two years the company will see roughly 80 percent of its earnings come from royalties and rentals paid by franchisees."