Wendy's Co was incorporated in Ohio in 1929 as Triarc. Wendy's Company is the parent company of its 100% owned subsidiary holding company, Wendy's Restaurants, LLC. On July 4, 2011, Wendy's Restaurants completed the sale of 100% of the common stock of its then wholly-owned subsidiary, Arby's Restaurant Group, Inc. After this sale, the principal 100% owned subsidiary of Wendy's Restaurants was Wendy's International, Inc. and its subsidiaries. Wendy's franchises and operates company-owned Wendy's quick-service restaurants specializing in hamburger sandwiches throughout the United States of America. Wendy's also has franchised restaurants in 27 foreign countries and U.S. territories other than North America. At December 29, 2013, Wendy's operated and franchised 1,183 and 5,374 restaurants, respectively. The menu also includes chicken nuggets, chili, french fries, baked potatoes, freshly prepared salads, soft drinks, Frosty desserts and kids' meals. The restaurants also sell promotional products on a limited time basis. The Company or its subsidiaries have registered certain trademarks and service marks in the United States Patent and Trademark Office and in international jurisdictions, some of which include Wendy's, Old Fashioned Hamburgers and Quality Is Our Recipe. Each restaurant is in competition with other food service operations within the same geographical area. The quick-service restaurant segment is competitive and includes well-established competitors. Wendy's competes with other restaurant companies and food outlets, primarily through the quality, variety, convenience, price, and value perception of food products offered. The Company also competes within the food service industry and the quick service restaurant sector not only for customers, but also for personnel, suitable real estate sites and qualified franchisees. The Company's past and present operations are governed by federal, state and local environmental laws and regulations concerning the discharge, storage, handling and disposal of hazardous or toxic substances.