SAN DIEGO--(BUSINESS WIRE)--Jun. 19, 2009--
Jack in the Box Inc. (NASDAQ: JACK) today announced that it has entered
into a purchase and sale agreement for 55 of its 61 Quick Stuff®
convenience stores and gas stations. The all-cash transaction is
expected to be completed by the close of the company’s fiscal year
ending September 27, 2009.
In addition, the company is currently in negotiations with several other
bidders on the remaining Quick Stuff sites and also expects to complete
the disposition of those locations by the end of the current fiscal year.
Disposition of the company’s 61 Quick Stuff stores is expected to result
in a charge, net of taxes, of approximately $10 to $14 million, which
will be recorded in discontinued operations in the company’s fiscal
third quarter 2009 results. The company does not intend to sell any of
the Jack in the Box® restaurants adjoining the Quick Stuff locations in
connection with these transactions.
Linda Lang, chairman and chief executive officer, said, “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. We appreciate the dedication of all of our Quick Stuff
employees, and will look to them to assist in a smooth transition during
Ray Cleeman, president of SMJ Capital Advisors, LLC, served as exclusive
financial advisor to Jack in the Box in connection with the sale of
About Jack in the Box Inc.
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 2,180
restaurants in 18 states. Additionally, through a wholly owned
subsidiary, the company operates and franchises Qdoba Mexican Grill®, a
leader in fast-casual dining, with more than 480 restaurants in 42
states and the District of Columbia. The company has announced plans to
sell its Quick Stuff® chain of 61 convenience stores, each built
adjacent to a full-size Jack in the Box restaurant and including a
major-brand fuel station. For more information, visit www.jackinthebox.com.
Safe harbor statement
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to
substantial risks and uncertainties. A variety of factors could cause
the company’s actual results to differ materially from those expressed
in the forward-looking statements. These factors are discussed in the
company’s annual report on Form 10-K and its periodic reports on Form
10-Q filed with the Securities and Exchange Commission which are
available online at www.jackinthebox.com
or in hard copy upon request. The company undertakes no obligation to
update or revise any forward-looking statement, whether as the result of
new information or otherwise.
Source: Jack in the Box Inc.
Jack in the Box Inc.