Jack in the Box Announces Multiple Franchise Agreements
Quick-service restaurant chain refranchises 20 restaurants in Los Angeles and Temecula; three restaurants in San Jose; and 23 restaurants in Dallas and Houston.
-- Chain Leader, 5/21/2009 10:06:00 AM
PRESS RELEASE: SAN DIEGO, May 20, 2009 - Jack in the Box Inc. has refranchised 20 company-owned Jack in the Box(r) restaurants in Southern California as part of the company's strategic initiative to expand franchising and franchise ownership in the Jack in the Box system to 70 to 80 percent by the end of fiscal year 2013. The restaurants were among 46 company-operated Jack in the Box restaurants refranchised in the company's second quarter of fiscal 2009.
The transaction consists of three separate agreements with veteran Jack in the Box franchise operators:
* David Beshay and Sam Fong, who collectively operate 27 Jack in the Box restaurants in Southern California, purchased an additional seven restaurants in the Temecula area.
* Lee and Erh-Mei Su, who collectively operate 15 Jack in the Box restaurants in Los Angeles, purchased an additional five restaurants in that market.
* John and Hisayo Maki, who collectively operate eight restaurants in Los Angeles, purchased an additional eight restaurants in that market.
Jack in the Box Inc. also announced it has has refranchised three company-owned Jack in the Box(r) restaurants in the San Jose area.
Millie Wang, a veteran Jack in the Box franchisee who operates six Jack in the Box restaurants throughout the San Jose area, purchased an additional three restaurants in that market.
Finally, Jack in the Box has refranchised 23 company-owned Jack in the Box(r) restaurants in Dallas and Houston. The transaction consists of two separate agreements with veteran Jack in the Box franchise operators:
* Tanzeem Rizvi, who operates five Jack in the Box restaurants in the Dallas area, purchased an additional three restaurants in that market.
* Atour Eyvazian and Anil Yadav, who collectively operate 82 Jack in the Box restaurants in California and Texas, purchased an additional 20 restaurants in the Houston area.
Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box(r) 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(r), a leader in fast-casual dining, with more than 480 restaurants in 42 states and the District of Columbia. For more information, visit http://www.jackinthebox.com/corporate/.
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