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[5]Jack in the Box Inc. 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 80-120 restaurants in fiscal 2012.
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