Jamba (JMBA) Selling Nine Restaurants
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Jamba, Inc. (Nasdaq: JMBA) announced the sale of nine restaurants as part of its ongoing strategic refranchising program that was announced May 28, 2009. The overall refranchising initiative is expected to involve about 150 Company-owned restaurant locations primarily outside of California.
The Company completed the sale of nine restaurants in Oregon to The Cinnamon Bums, Inc. ("TCBI"), an existing Jamba Juice franchisee currently operating nine other Jamba Juice restaurants in the Northwest region. With the purchase of these additional restaurant outlets in Oregon, TCBI principals, John Whittaker and Steve Foltz, now own 18 Jamba Juice restaurant locations and have committed to building three new Jamba Juice restaurants in the Oregon market.
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