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Restaurant operator and franchiser Jack in the Box Inc. announced Sept. 12 that Scanlan Management LLC has acquired 25 of its restaurants in Hawaii for some $19 million in cash.
On Sept. 11, President and Chief Executive Officer Chris Scanlan signed a development agreement to add 25 new Jack in the Box restaurants in Hawaii, the first of which is expected to open by Oct. 1.
The transaction represents the first sale of an entire market for the company since San Diego-based Jack in the Box announced its strategic initiative to expand franchising in 2002, said Linda Laing, Jack in the Box chairwoman and chief executive officer.
Jack in the Box stock is traded on the New York Stock Exchange under the ticker symbol JBX and closed Sept. 12 at $51.70, jumping $2.22 from the previous day’s closing price.
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