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Jack in the Box To Exit C-Store Business

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Jack in the Box [6], Finance [7]
Jack in the Box Inc. (NASDAQ: JACK) has entered into a purchase and sale agreement for 55 of its 61 Quick Stuff c-stores and gas stations. The all-cash transaction is expected to be completed by the close of the company’s fiscal year, which ends September 27, 2009.

Jack is also in negotiations with several other bidders on the remaining Quick Stuff sites and expects to complete the disposition of those locations by the end of the current fiscal year.

None of the Jack in the Box restaurants adjoining the Quick Stuff locations will be sold.

"The board and management of Jack in the Box agreed that by selling Quick Stuff, we can focus on maximizing the potential of our Jack in the Box and Qdoba brands," said chairman and chief executive Linda Lang in a statement. "We appreciate the dedication of all of our Quick Stuff employees, and will look to them to assist in a smooth transition during this process."

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