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Sonic Corp. (NYSE: SONC) is looking to refranchise hundreds of its company-owned restaurants, as franchised locations have been outperforming of late.It's a good idea. Franchisees are more motivated to produce strong results than paid-by-the-hour managers, and getting out of the operations business and living on franchise fees and royalties will reduce risk and could increase returns.
But the problem, according (subscription required) to The Wall Street Journal is that tight credit markets and a weak economy could make it difficult for prospective franchisees to make the investment to buy or open Sonic locations.
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