LOS ANGELES (Reuters) - No. 3 U.S. hamburger chain Wendy’s International Inc introduced a 99-cent double cheeseburger on Tuesday, a product the company hopes will help it compete with bigger rivals McDonald’s Corp and Burger King Corp Inc
In a statement, Wendy’s said the new “Stack Attack” burger would help reel in cash-strapped consumers struggling with rising gas prices and other “financial pressures.”
The move comes as Burger King plans to test a $1 double cheeseburger that is larger than McDonald’s comparable product in several markets next year. Both Wendy’s and Burger King hope to steal market share from McDonald’s, whose $1 double cheeseburger is its most popular menu item.
Wendy’s will begin advertising the “Stack Attack” on December 31, it said.
The burger is Wendy’s latest effort to revive flagging sales at its more than 6,600 restaurants. In recent years, the Dublin, Ohio-based chain has struggled to keep up with McDonald’s, which has been flying high since launching a turnaround nearly five years ago.
At the same time, Wendy’s has said that high gasoline prices and a weak economy have hampered spending at its restaurants.
The company is also considering selling itself as one of several options to boost shareholder value.
Reporting by Nichola Groom; Editing by Andre Grenon