MIAMI (AP) -- Burger King Worldwide Inc. said Tuesday that it is franchising of 42 of its company-owned restaurants in the Atlanta area to GPS Hospitality. GPS is operated by Tom Garrett, former president and CEO of Arby's Restaurant Group Inc.
Burger King, based in Miami, is the second-largest fast-food hamburger chain in the world behind McDonald's Corp. The company has more than 12,600 locations around the world and it franchises about 94 percent of its sites.
Turning company-owned stores into franchised locations cuts costs for Burger King while increasing revenue with franchise fees and royalties.
Shares of the company increased 6 cents to close at $14.18. Its shares are up roughly 9 percent since the beginning of September.