San Diego-based fast food chain Jack in the Box Inc. said it has sold 27 of its restaurants around the country, and plans to refranchise an additional 29 by the close of the fiscal year.
It also recently completed the sale of 18 Jack in the Box restaurants in Beaumont, Texas, to Beaumont-based TLIG Restaurants LLC.
Jack in the Box (Nasdaq: JACK) said these transactions reflect the company’s strategy to expand franchising and franchise ownership.
Reflecting the sale of the Beaumont market, it said the Jack in the Box system is nearly 77 percent franchised. The company said its goal of franchise ownership is in the 80 to 85 percent range, which it expects to reach by the end of the 2014 fiscal year.
Jack in the Box, a $1.71 billion market cap company, operates more than 2,200 restaurants in 21 states.
-Meghana Keshavan
