One out of every seven Arby's restaurants was more than 60 days past due on royalties as of October. In each of the past two years, more Arby's restaurants have closed than have opened--the chain lost a net of 38 restaurants in 2009 and another 33 through October 2010. The company has an aging franchisee base and many operators believe it's better economically to close, according to people we've spoken with. In other words: Whomever buys Arby's will have some work to do to get the brand moving again. "We continue to believe that a turnaround would require significant investment (and even then is not guaranteed)," Bernstein Research analyst Sara Senatore said in a note this morning about the sale. She believes the impact of a sale will be "largely symbolic," as Arby's has been "barely profitable." Analysts naturally view the sale of Arby's as a positive for Wendy's, a move that will enable it to focus attention on its biggest brand and the one that has some growth potential.