Jamba Inc. has announced the sale of eight restaurants in California to Four Life Foods LLC, a company owned primarily by one of the four original co-founders of Jamba Juice. The sale reflects the company's continuing progress under its strategic refranchising program that was announced May 28, 2009.
With the acquisition of these restaurants, Linda and Jeff Olds now own and operate nine California Jamba Juice locations. Participating in the acquisition through a minority ownership position in Four Life Foods also is Brett Thomas, a former district manager of the company.
The refranchising transaction builds on the sale of 19 restaurants earlier this year to existing Jamba Juice franchise owners in Arizona and Oregon.
The overall refranchising initiative is expected to involve the refranchising of about 150 company-owned restaurant locations, primarily outside of California, throughout 2009 and 2010.
