Industry News | March 4, 2010

$39 Million for 66 Jack in the Boxes

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The results of the sale for the 66 California Jack in the Box franchises are in, with the final price coming in at just over $39 million. The live auction was conducted by National Franchise Sales February 23-24 in Sacramento, California, under the direction of Beverly N. McFarland, Chapter 11 Trustee for the bankruptcy estate of Debtors Central Valley Food Services Inc., Food Service Management Inc., Kobra Associates Inc., and Sierra Valley Restaurants Inc.

The final price of $39,018,877 exceeded the stalking horse bids of $27 million obtained in the sealed bid process in February. Highest and best bids were awarded to a group led by Ben Nematzadeh for 31 units in the Fresno and Chico/Redding areas, a group led by Anil Yadav for 31 units in the Sacramento area, a group led by Romesh Japra for Eureka and Crescent City, and Jyoti Madhura for the remaining two units in the Fresno area.

The sale is expected to be completed sometime in April, after Bankruptcy Court final approval.