Jamba Reports Plans to Further Accelerate Refranchising, Movement to Asset-Light Model

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Jamba, Inc.
JMBA
, a leading healthy, active lifestyle brand, announced today the Company's plans to further accelerate their refranchising initiative with a goal of becoming a 90% plus franchise-to-company-owned model by the end of fiscal year 2015. "We are pleased to announce our plans for the further acceleration of our refranchise initiative which would result in the Company being a 90%-plus franchise-to-company-owned model by the end of this year," said James D. White, chairman, president and CEO of Jamba, Inc. "The initial phase of our refranchising initiative has proceeded quickly and efficiently and generated a tremendous amount of interest, giving us a high level of confidence that our goal of 90%-plus is achievable. We reaffirm our belief that transitioning Jamba to an asset light model will allow us to enhance our growth initiatives while driving down expenses, which positions us well for long-term growth." Earlier this month the Company announced its entry into an agreement for the refranchising of 100 Company-owned stores to Vitaligent, LLC. The Company expects that with this further accelerated program, the Company's refranchising initiative will generate between $55 - $75 million of cash proceeds in 2015 in the aggregate.
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