Yum Brands Inc
We do not believe Long John Silver's and A&W-All American Food restaurants fit into our long-term growth strategy, David Novak, Yum's chairman and chief executive said in a statement.
Louisville, Kentucky-based Yum said there were 1,630 Long John Silver's and A&W restaurants, all of which are owned and operated by franchisees.
The company said it did not expect the eventual sale to have a material impact on its ongoing earnings or cash flow.
In 1998, when Yum was spun-off from PepsiCo
Yum shares were up 74 cents, or 1.5 percent, at $48.58 on the New York Stock Exchange in morning trading.
(Reporting by Lisa Baertlein, editing by Maureen Bavdek)