"Jack in the Box is saying adios to Del Taco. The San Diego-headquartered restaurant giant announced Thursday it is selling its entire Del Taco chain to Yadav Enterprises, one of Jack in the Box's franchisees, for $115 million in cash. Jack in the Box management said the deal will bolster its bottom line by retiring debt and move the company to a simpler, asset-light business model as part of its Jack on Track plan that it rolled out to investors in April, aimed at improving long-term financial performance."
"This divestiture is an important step in returning to simplicity, and we look forward to focusing on our core Jack in the Box brand, company CEO Lance Tucker said in a news release announcing the sale. The transaction is expected to be completed by January."
"Founded in 1964, Del Taco is the second-largest Mexican American quick-service food chain in the U.S., with more than 550 restaurants in 18 states. Yadav Enterprises operates more than 310 franchise restaurants, including Jack in the Box, Denny's and TGI Friday's. The Fremont-based company also owns the Tex-Mex casual Taco Cabana chain in 150 locations and Nick the Greek restaurants in 90 locations. The founder and CEO of Yadav Enterprises, Anil Yadav, started in the restaurant business as a 17-year-old fry cook at Jack in the Box, according to USA Today."
Jack in the Box is selling its entire Del Taco chain to Yadav Enterprises for $115 million in cash. The sale will retire debt and shift the company toward a simpler, asset-light business model under the Jack on Track plan to improve long-term financial performance. The transaction is expected to close by January. Del Taco operates more than 550 restaurants across 18 states and ranks as the second-largest Mexican American quick-service chain in the U.S. Yadav Enterprises runs over 310 franchise restaurants and owns Taco Cabana and Nick the Greek locations. Jack in the Box purchased Del Taco in 2022 for $575 million.
Read at www.sandiegouniontribune.com
Unable to calculate read time
Collection
[
|
...
]