Jack in the Box Inc. has refranchised 37 restaurants in the Seattle area.
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 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 to 120 restaurants in fiscal 2012.
The company is currently seeking experienced, multi-unit restaurant operators to refranchise certain company markets in the Southeast and Midwest. In Tulsa, Okla., Kansas City, Mo., Indianapolis and Cincinnati, new franchisees can acquire up to 10 recently opened restaurants, then further develop the market with royalty and franchise fee incentives.
Read more about franchising.