CKE Sells 121 Hardee’s Outlets to Franchisees for $37 Million

CKE Restaurants Inc., the nation’s fourth-largest hamburger chain, said Tuesday it sold 121 more of its company-owned Hardee’s restaurants to franchisees for about $37 million.

The company sold 112 of the Hardee’s restaurants to one buyer for about $35 million and the other nine in a separate transaction for about $2 million. The sales will help the company reach its goal of raising $200 million to reduce debt and fund remodeling and restaurant development by selling 500 company-owned Hardee’s this fiscal year, CKE said in a prepared statement.

The transaction means Anaheim-based CKE has sold 142 units this year and raised about $50 million.

The company, which had $2 billion in sales for the year ended Jan. 31, operates about 3,800 quick-service restaurants in the U.S. and Mexico, including the Carl’s Jr. and Taco Bueno chains. There are 2,768 Hardee’s restaurants in 37 states and 11 foreign countries.

The Hardee’s restaurants that were sold are mostly in Georgia and North Carolina, with some in Florida and Alabama.

CKE’s stock, which has lost 49% of its value this year, slipped 6 cents a share Tuesday to $3 on the New York Stock Exchange.