Existing Franchise Operators in Oregon Purchase Nine Jamba Juice
Restaurants
Jamba, Inc. (Nasdaq: JMBA) announced today 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.
“We are always looking for the right opportunities to expand our
restaurant portfolio,” commented John Whittaker, a principal of TCBI.
“We felt the program offered by Jamba, with their dedicated training and
support for franchisees, their brand strength, and their commitment to
growth, was the right concept in which to further our investment.”
“I love this brand because it makes it easy to enjoy a healthy lifestyle
--I drink them all the time and have even started running since becoming
a Jamba franchisee,” added Steve Foltz, a principal of TCBI. “Aside from
inspiring healthy living, Jamba is one of the only quick serve
restaurant concepts that covers four day parts...breakfast, lunch,
dinner and snacks. This is a great addition to our company and for our
team.”
“John and Steve are multi-franchise operators with over fifty years of
restaurant experience between them and we are very pleased to have the
opportunity to expand our relationship with such committed and
successful business operators,” said Thibault de Chatellus, SVP of
Global Franchise and Development, Jamba, Inc. “The sale of these
restaurants will further consolidate our presence in the market and
position our brand for greater growth.”
This refranchising transaction builds on the sale of ten Jamba Juice
restaurants in Arizona to another existing franchisee in March 2009.
“The sale of the Arizona restaurants to an existing franchisee in March
and now these restaurants in Oregon to current franchisees John and
Steve, is outstanding news,” commented James D. White, President and
Chief Executive Officer, Jamba, Inc.