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SAN DIEGO -- Jack in the Box Inc. entered into a purchase and sale agreement for 55 of its 61 Quick Stuff convenience stores and gas stations.
The quick-serve restaurant chain announced its intent to sell the convenience chain in October 2008. The company expects the all-cash transaction to close by the end of its fiscal year, ending Sept.27, 2009, the company stated. Ray Cleeman, president of SMJ Capital Advisors LLC, was the exclusive financial advisor to Jack in the Box for the sale of Quick Stuff.
Meanwhile, Jack in the Box is in negotiations with several other bidders for the remaining Quick Stuff convenience store sites. It expects to complete the sale of those locations by the end of the current fiscal year as well.
The company expects the divestment of the company’s 61 convenience stores will result in a $10 million to $14 million charge, net of taxes, according to the company.
"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," Linda Lang, chairman and chief executive officer, said, in a statement. "We appreciate the dedication of all of our Quick Stuff employees, and will look to them to assist in a smooth transition during this process."
Jack in the Box to Sell C-stores