Jack in the Box has sold 37 company-owned locations to franchisees in the Seattle area in two deals that generated about $20 million, the company said Monday.
San Diego-based Jack in the Box Inc. has been moving toward becoming an 80-percent franchised brand with an ongoing refranchising initiative. At the end of fiscal 2011, Jack in the Box was 72-percent franchised.
In April, franchise operator AJP Enterprises Inc. acquired 26 Jack in the Box restaurants. Separately, franchisee Northwest Food Management Group acquired another 11 locations, the company said. All are in the greater Seattle area.
The newly sold 37 units are part of the projected 80 to 120 restaurants Jack in the Box expects to sell in fiscal 2012. Jack in the Box is hoping to refranchise certain company-operated markets in the southeast and Midwest, such as Tulsa, Okla.; Kansas City, Mo.; Indianapolis and Cincinnati.
The Jack in the Box chain includes more than 2,200 restaurants in 20 states. Jack in the Box Inc. also operates and franchises Qdoba Mexican Grill, which has more than 600 locations in 42 states.