Jamba Inc. said it has sold 25 corporate locations in Washington state to an existing franchisee as part of its ongoing refranchising effort.
Emeryville, Calif.-based Jamba said it is on track to achieve its goal of selling 150 corporate locations to franchisees by the end of the year. Jamba has completed the sale of 81 restaurants so far.
Terms of the latest deal were not disclosed. Franchisee Prudence Swann, principal of PB Swann LLC, agreed to acquire the 25 company-operated Jamba Juice units, as well as developing two more franchised stores in the Seattle market.
Thibault de Chatellus, Jamba’s senior vice president of global franchise and development, said: “With the choices in restaurant franchises available for investment, we are thrilled that PB Swann, one of our existing franchise operators, has chosen to expand her relationship with us. Prudence is a first-class operator and her investment speaks to her belief in the strength and growth potential of the Jamba brand.”
The sale of corporate locations is part of a push to grow the chain as an increasingly franchised brand and reduce costs.
The company plans to add up to 50 domestic franchised locations this year, in addition to the 287 that franchisees currently operate. Another 458 locations are company-owned.
For the first quarter ended April 20, Jamba narrowed its net loss to $5.3 million, or 13 cents per share, compared with a loss of $10.2 million, or 19 cents per share, for the same quarter in 2009. Revenues for the quarter fell 9.5 percent to $80.4 million, in part because of the reduction in company-owned units. Click here for more on Jamba's latest results.
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