Wendy’s is closing 140 more restaurants as it revamps its locations.

Wendy’s plans to close 140 U.S. restaurants by the end of this year, on top of the 100 it says it will close in May.

But on a conference call with investors Thursday, the company said those closures will be offset by new restaurant openings. Wendy’s said it plans to open 250 to 300 restaurants this year.

Wendy’s President and CEO Kirk Tanner said restaurants that are closing are performing worse than others.

“They’re just in places where our brands aren’t built,” Tanner said. “You’re looking at a brand that’s 55 years old, and some of these restaurants are long gone.”

Dublin, Ohio-based Wendy’s did not provide a list of locations that will close. But Tanner said they are scattered across the country.

“Our focus is on building new restaurants because we know they are performing well above the average of these underperforming restaurants,” he said. “Overall, we want to have the best restaurants for customers, and we want to give them that quality of service.”

Wendy’s had 7,292 restaurants at the end of the third quarter. More than 80% of them are in the USA.

Shares of Wendy’s were up 3.5% in midday trading Friday.

U.S. restaurant sales rose modestly this year as many consumers resisted rising menu prices. Wendy’s same-store sales – or sales at locations open at least a year – grew less than 1% in the U.S. in the first half of this year.

Earlier in October, Denny’s announced it would close 150 stores by the end of 2025. And Red Lobster filed for bankruptcy protection in May after closing dozens of stores.