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U.S. markets recover from steep losses
LOUISVILLE, Ky., Jan. 19 (UPI) -- U.S. restaurant operator Yum! Brands said it would put two of its weaker performers, Long John Silver's and A&W All-American Food, up for sale.
The firm that also owns Taco Bell, Pizza Hut and KFC said Tuesday it was "sharpening its long-term focus growth on building leading brands in every significant category in China," and was working toward "aggressive international expansion."
With Taco Bell, Pizza Hut and KFC all outperforming Long John Silver's and A&W, Chairman and Chief Executive Officer David Novak said the restaurant chains no longer "fit our long-term growth strategy."
Yum! Brands was spun off from PepsiCo in 1998 and since then has seen its international business grow from representing 22 percent of its profits to 65 percent. That is expected to reach 75 percent within five years, the company says.
The firm currently operates 37,000 restaurants worldwide. It is looking for "the right buyer or buyers … (to) ensure a seamless transition," Novak said.
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