System now expected to be 80-85 percent franchised upon completion of
SAN DIEGO--(BUSINESS WIRE)--May. 28, 2013--
Jack in the Box Inc. (NASDAQ: JACK) today disclosed the details of a
refranchising transaction that was completed in February and included in
the company’s second-quarter operating results, which were announced on
May 15. On Feb 11, Ameen Poonja, an experienced franchisee of Dunkin’
Donuts and Popeyes locations in Illinois, acquired four Jack in the Box®
restaurants in the Indianapolis area.
In addition, subsequent to the close of its second quarter, Jack in the
Box Inc. completed the sale of 18 restaurants comprising its Beaumont,
Texas, market to TLIG Restaurants, LLC. Whereas Poonja is new to the
Jack in the Box system, Opiah Izu, franchise operator with TLIG
Restaurants, is a Jack in the Box veteran. He worked for the company for
27 years before becoming a franchisee in 2009 and currently operates 39
franchised Jack in the Box locations. The other principal at TLIG
Restaurants is Sherman Lewis, who, in addition to his Jack in the Box
locations, also owns 10 Shell gas stations.
Indianapolis is one of five markets in the Jack in the Box system
“seeded” with company-operated locations, and selling four of the six
restaurants in Indianapolis represents the second sale of restaurants in
these seed markets. In September 2012, the company completed the sale of
the seven restaurants comprising its Oklahoma City market.
“By pursuing an innovative ‘seeding’ strategy and taking a collaborative
approach to new market development, Jack in the Box is able to open
restaurants with the full support of our marketing and operations teams,
and establish a sales history and cash flows that could help a
franchisee secure the necessary financing to continue expanding in the
market,” said Grant Kreutzer, director of Franchise Licensing &
Recruitment for Jack in the Box.
The company is currently seeking experienced, multi-unit restaurant
operators to refranchise other company markets in the Southeast and
Midwest. In Tulsa, Kansas City, Indianapolis and Cincinnati, 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.
The Jack in the Box system is currently more than 76 percent franchised
versus 25 percent in 2005, and it is expected to be approximately 80-85
percent franchised upon completion of its refranchising strategy.
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 2,200
restaurants in 21 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 44
states, the District of Columbia and Canada. For more information on
Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com
Source: Jack in the Box Inc.
Jack in the Box Inc.
Brian Luscomb, (858) 571-2291