Jamba Inc. has announced the sale of nine of its restaurants in California and Arizona, and the signing of purchase agreements for 28 restaurants primarily outside of California. The purchase agreements 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 about 150 company-owned restaurants, which will be completed by the close of 2010.
"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," said James D. White, chairman, president and CEO of Jamba Inc.
