Jack in the Box Inc. is selling 55 of its 61 Quick Stuff convenience stores and gas stations, and said it plans to sell the rest of the chain by the end of this fiscal year, Reuters reported.
San Diego-based Jack in the Box operates about 2,600 quick-service and fast-casual restaurants under the brand names Jack in the Box and Qdoba Mexican Grill, as well as the Quick Stuff c-stores, which are located adjacent to Jack in the Box restaurants.
The company said it expects to take a related charge of about $10 million to $14 million, net of taxes and plans to record the charge as discontinued operations in its third quarter results.
Jack in the Box said it is in negotiations to sell the remaining Quick Stuff sites.The company, however, said it will not sell the Jack in the Box restaurants adjoining the Quick Stuff locations in connection with these transactions.
