Quick Stuff For Sale

Jack in the Box putting its 61 convenience stores on the block

SAN DIEGO -- Jack in the Box Inc. announced yesterday that at a regularly scheduled meeting of its board of directors held in September, the board approved plans to sell the company's 61 Quick Stuff convenience stores. The company does not intend to sell the Jack in the Box restaurants adjoining these stores.

The Quick Stuff locations are each built adjacent to a full-size Jack in the Box restaurant, and each includes a major-brand fuel station, with brands such as Chevron, Shell, Arco, ExxonMobil, Texaco and CITGO. Sites are located in California, Texas, Arizona, Louisiana, Idaho, Washington [image-nocss] and Illinois.

Quick Stuff convenience stores are about 2,000 square feet in size and are open 24 hours a day. The restaurant is connected to the Quick Stuff store by a common area that includes restroom facilities. They feature ATMs and fuel islands with four-to-six dispensers and pay-at-the-pump credit-card readers. Some locations also offer car washes.

Linda Lang, chairman and chief executive officer, said, "The board and management of Jack in the Box agreed that by selling Quick Stuff, we can focus on maximizing the potential of our Jack in the Box and Qdoba [Mexican Grill] brands. We appreciate the dedication of all of our Quick Stuff associates, and will look to them to assist in a smooth transition during this process."

The sale of Quick Stuff is not expected to have a material impact on ongoing earnings. There can be no assurance that a transaction will be consummated at a value acceptable to the company, it said.

Jack in the Box, headquartered in San Diego, is a restaurant company that operates and franchises Jack in the Box restaurants, one of the nation's largest hamburger chains, with more than 2,100 restaurants in 18 states.

As the first major hamburger chain to develop and expand the concept of drive-thru dining, Jack in the Box has always emphasized on-the-go convenience, with approximately 85% of the half-billion guests served annually buying food at the drive-thru or for takeout. In addition to drive-thru windows, most restaurants have indoor dining areas and are open 18 to 24 hours a day.

Also, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill, an emerging leader in fast-casual dining, with more than 400 restaurants in 40 states. Its flexible restaurant design can be built as a freestanding structure or as an integrated part of a retail development, with indoor seating generally accommodating 60 to 80 guests.