Wendy's will close 140 more restaurants this year, adding to the 100 closures the company announced in the spring.

However, according to the company, these closures are expected to be roughly equivalent to the number of new restaurants Wendy's expects to open in 2024.

The latest closure announcement came during a conference call with investors on Thursday, Oct. 31, according to the Associated Press, when CEO Kirk Tanner revealed that the locations were “outdated and located in underperforming” areas and that their performance was “significantly below system average” financially .

“They’re just in locations that don’t build our brands,” Tanner said, according to the AP. “If you look at a brand that’s 55 years old, some of these restaurants are pretty dated.”

Although the company did not provide a list of locations that were expected to close their doors, the CEO clarified that the restaurants were not in “a specific area.”

According to CNN, Wendy's “conducted a thorough review of individual restaurants to ensure they meet our revenue expectations, have the profitability to drive growth and deliver the Wendy's brand experience to customers” before determining that “the system of “Wendy’s is incredibly healthy.”

However, the restaurants slated to close were below the system average, with per-unit volume of about $1.1 million, it said USA today. They would be replaced by more profitable locations with an average unit volume of $2 million or more, the outlet added.

A spokesperson for Wendy's confirmed to PEOPLE on Saturday, November 2, that the company is on track to meet its goal of 250 to 300 new restaurant openings for the year. This means that Wendy's is expected to experience a “similar number of closings as new openings” overall in 2024, they wrote, after Wendy's previously announced 100 restaurant closings in May.

“As a 55-year-old brand with more than 7,100 restaurants around the world, closures are a normal activity to maintain a healthy system,” the spokesperson wrote.

During the earnings call per USA todayTanner said the company has opened about 500 locations in the last two years. According to the outlet, as of Sept. 29, Wendy's counted 7,166 locations, including 6,010 in the U.S. and 1,156 elsewhere.

“Our focus is on building new restaurants because we know they are well above the average of these underperforming restaurants,” Tanner said, according to the AP. “Overall, we want the best restaurants for customers and the customer experience we want to provide.”

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The news from Wendy's comes as the company has been channeling it SpongeBob SquarePants Last month, in honor of the animated film's 25th anniversary, Wendy's Krabby Patty Kollab was launched – featuring a Pineapple Under the Sea Frosty and, of course, a Krabby Patty Kollab Burger.