Jack in the Box Planning on Selling Head Office Building
Jack in the Box has confirmed that it plans to sell the building housing its corporate head office and move into a smaller building next door. The company has been in the news much of late, what with rumors of the sale of the company itself, accompanied by news of soft sales. Moreover, its independent franchisee association has called for the ouster of CEO Leonard Comma, as well as filed a complaint in California against the company for its change in handling franchisee restaurant leases. Association members consider the lease change a threat to their financial well-being.
Chain spokesman Brian Luscomb said the company does not comment on rumors and speculation. However, he did confirm the chain’s intent to sell its 150,000 square foot main office and relocate to a smaller building next door.
...Analysts also said a sale [of the franchisor] could be spurred by activist shareholders, including the recent board expansion deal the company cut with JANA Partners LLC. As of Aug. 3, JANA had a 6.7 percent stake in the company.
Wedbush analyst Nick Setyan said he believes “there is an internal activist push to explore a sale based on the thesis that” Sonic sold for a high value, and so should Jack in the Box. ...But, Setyan pointed out that Jack in the Box is no Sonic. —Nancy Luna, Nation's Restaurant News