SAN DIEGO Jack in the Box Inc. said Friday it has agreements to sell 55 of its 61 Quick Stuff convenience stores and gas stations.
The company would not identify the buyers. The all-cash transaction is expected to be completed by the close of its fiscal year, which ends Sept. 27.
Jack in the Box also said it is in negotiations with several bidders on the remaining six Quick Stuff locations and expects to have deals signed for those sites by the end of the fiscal year.
The company said it expected the sale of the 61 Quick Stuff locations to net $10 million to $14 million, which will be recorded in discontinued operations in the company’s third quarter results.
Quick Stuff sites are adjacent to Jack in the Box restaurants, but officials said none of the restaurants is included in the sale.
Linda Lang, Jack in the Box Inc. chairman and chief executive, said the company’s management “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 this process.”
Jack in the Box Inc. operates and franchises more than 2,180 namesake restaurants, as well as more than 480 Qdoba Mexican Grill locations.