RESTAURANTS

Arby’s Won’t Buy Long John Silver’s: Citing higher interest rates, the parent of the roast beef restaurant chain called off its planned purchase of the seafood restaurants. Triarc Cos.’ plan to buy Lexington, Ky.-based Long John Silver’s for $525 million would have created the sixth-largest fast-food company in the country. Triarc Chairman Nelson Peltz said the proposed surf-and-turf merger was grounded because the higher interest rate environment and difficult capital markets “make it imprudent for the company to proceed.” Clyde E. Culp III, president and CEO of Long John Silver’s, said the company will continue to pursue a dual-branding strategy with Arby’s.