CKE Sells 48 More Hardee’s Outlets in Bid to Trim Debt

CKE Restaurants Inc., owner of the Hardee’s and Carl’s Jr. hamburger chains, said it sold 48 Hardee’s stores to Doro Inc. for $13.5 million as part of the Anaheim company’s plan to cut debt and reduce the number of stores it owns.

CKE has said previously that it plans to sell at least 500 stores to franchisees this year to raise about $200 million, which will be used in part to pay down debt. CKE operates 3,800 fast-food eateries, including 2,760 Hardee’s restaurants.

Including this sale, CKE has sold 190 stores and raised about $63 million to date. Closely held Doro, based in Eau Claire, Wis., owned 28 restaurants before the purchase and has operated Hardee’s stores since the late 1960s.

CKE’s stock sank to a 52-week low of $2.56 before closing Monday at $2.63, off 6 cents a share, on the New York Stock Exchange. The shares have lost about 80% of their value in the last year.