DUBLIN OHIO —“The beginning of the problem really was when Gordon Teter died.” So says restaurant securities analyst Joe Buckley of Bear Stearns in New York, referring to the late Wendy’s International Inc. chief executive. After Teter’s passing in 1999, followed by Wendy’s founder Dave Thomas’ death in 2002, Wendy’s found itself adrift, Buckley said, lacking focus, struggling under the weight of a flurry of fast-casual chain ...

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