EMERYVILLE, Calif. - (BUSINESS WIRE) - Oct. 29, 2015 - Jamba, Inc. (NASDAQ:JMBA) a leading health and wellness brand and leading retailer of freshly-squeezed juice noted continued progress in its ongoing effort to transition to an asset-light model with the announcement today of a 16-store refranchising deal. With this deal Jamba is nearing completion of the Company’s current refranchising efforts with 90% of stores now franchise owned and operated.
This latest refranchising agreement encompasses locations in the Bay Area, including stores in San Francisco, Berkeley, Oakland, and other key Bay Area markets. The stores will be owned and operated by Valley Juice, LLC. run by a new Jamba franchisee Dwayne Redmond.
Jamba announced the refranchising initiative at the end of 2014, with a stated goal of refranchising “up to 114” stores during 2015. The Company has significantly exceeded its initial goal as the new deal will bring the total stores refranchised in 2015 to 179, with plans to close an additional deal before by the end of the year.
“We are pleased with our progress as we close in on the completion of our refranchising efforts,” stated James D. White chairman, president and CEO of Jamba. “This deal positions us well to finish our transition to an asset-light model ahead of schedule.”
"We are very excited to join the Jamba team with this acquisition of 16 new stores," said Dwayne Redmond, president, Valley Juice, LLC. "We look forward to long-term success with this fantastic brand."
Founded in 1990, Jamba, Inc. is a leading restaurant retailer of better-for-you, specialty beverage and food offerings, which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, hot teas, and a variety of food items including hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods, and snacks. As of June 30, 2015, there were 807 Jamba® stores system-wide in the United States, of which 601 are franchise-operated stores, and 206 are Company-owned. Jamba is a proud sponsor of "Team Up for a Healthy America" in the fight against childhood obesity and encourages fans to join the Team Up community of celebrities, athletes, and other leaders committed to getting kids active and involved at www.myhealthpledge.com. Fans of Jamba Juice can find out more about Jamba Juice's locations as well as specific offerings and promotions by visiting the Jamba Juice website at www.JambaJuice.com or by contacting Jamba's Guest Services team at 1-866-4R-FRUIT (473- 7848).
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.
SOURCE Jamba, Inc.
Dir. Corporate Communications