CKE Sells 73 More Restaurants Under Debt-Slashing Strategy

CKE Restaurants Inc. said Friday that it has sold 73 Hardee’s and Carl’s Jr. restaurants for about $29 million, concluding a series of steps to cut debt and reduce the number of stores it owns. In the largest transaction, the Anaheim company sold 61 Hardee’s eateries in Alabama to a franchisee for about $18 million. CKE did not disclose the name of the buyer. In a separate deal, the company sold 12 Carl’s Jr. restaurants in the Los Angeles area to D.F.G. Restaurants Inc. for about $11 million. In all, the company has now sold 323 Hardee’s and 43 Carl’s Jr. restaurants. After-tax proceeds from the sale of restaurants and other assets total $118 million, CKE said. CKE operates more than 3,800 Hardee’s, Carl’s Jr. and Taco Bueno eateries through its subsidiaries, franchisees and licensees. CKE’s stock closed Friday at $2.25, down 6 cents, on the New York Stock Exchange. The announcement came after the end of regular trading hours.