Why is Wendy's ($WEN) in a death spiral?

The world’s third-largest quick-service restaurant company in the hamburger sandwich segment. 7,397 restaurants in 38 countries. Trian Fund owns 7.9%, and Nelson Peltz owns 5.4%. Market cap $1.2 billion. EV $5.1 billion. Cash $300 million. Long-term debt $2.7 billion. No significant debt maturities until 2028. EBIT/interest expense 2.7x Trailing free cash flow yield of 20%. Dividend yield is 9.1%.

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