Jamba Juice Continues Progress on Refranchising Initiative
Jamba, Inc today announced the sale of nine restaurants in California and Arizona, and the signing of purchase agreements for 28 restaurants primarily outside of California. The purchase agreements include commitments to further expand the Jamba Juice brand by developing an additional six new stores. The 37 restaurants represented by the sales and purchase agreements supplement the sale of 47 previously announced restaurants and will lead to the achievement of almost 60 percent of the Company’s refranchising program. The overall refranchising initiative, announced in June 2009, is expected to involve the refranchising of up to 150 company-owned restaurant locations and be completed by the close of 2010.
“We are very pleased with our refranchising efforts and the continued strong interest in the Jamba brand,” said James D. White, Chairman, President and CEO, Jamba, Inc. “We are on track to complete our refranchising goal in 2010, which will be an accomplishment given the current challenges of the existing credit markets. I look forward to reporting on our continued progress throughout the coming year.”
The Company is committed to strategically growing the Jamba brand and refranchising is one component of a broader plan for achieving that goal.
Jamba, Inc. (NASDAQ:JMBA) is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE® stores. Founded in 1990, Jamba Juice is a leading restaurant retailer of better-for-you food and beverage offerings, including great tasting fruit smoothies, juices, and teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and California Flatbreads™, and a variety of baked goods and snacks. As of April 20, 2010, Jamba Juice had 745 locations consisting of 458 company-owned and operated stores and 287 franchise stores.