Jack in the Box Inc. today disclosed the details of two refranchising transactions that were completed in early April and included in the company’s second-quarter operating results, which were announced on May 16. On April 2, AJP Enterprises, Inc. acquired 26 Jack in the Box restaurants and Northwest Food Management Group, Inc. acquired 11 Jack in the Box restaurants. Total proceeds related to the sale of these 37 restaurants, which are all located in the greater Seattle area, were approximately $20 million.
The transactions reflect the company’s strategic initiative to expand franchising and franchise ownership in the Jack in the Box system. Including these 37 Seattle locations, Jack in the Box Inc. expects to sell 80 to 120 restaurants in fiscal 2012. The company is currently seeking experienced, multi-unit restaurant operators to refranchise certain company markets in the southeast and midwest. In Tulsa, Kansas City, Indianapolis and Cincinnati, new franchisees can acquire up to 10 recently opened restaurants, then further develop the market with royalty and franchise fee incentives. For more information on franchising opportunities, visit www.jackinthebox.com/franchise.
Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 20 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill, a leader in fast-casual dining, with more than 600 restaurants in 42 states and the District of Columbia. For more information on Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com or www.qdoba.com.
