(April 27) The board of directors at Wendy’s International Inc., Dublin, Ohio, has formed a special committee of independent directors to investigate strategic options for the company, including “a possible sale, merger or other business combination."

According to a Wendy's news release, James V. Pickett, chairman of the board, will head the committee.

“There is no specific timeframe to complete the review, and there are no constraints on options to be explored by the committee,” Pickett said in the release.

Wendy’s, the No. 3 burger chain in the U.S., was characterized by a story in USA Today as “struggling but failing to keep up with the tremendous sales of rival McDonald's.”