The iconic San Diego fast food chain Jack in the Box announced Monday that it is exploring a possible sale of the company.
“Jack in the Box Inc. today announced that its board of directors and management team, with the support of legal and financial advisors, is exploring a range of strategic and financing alternatives to maximize shareholder value,” the company said in a brief announcement at 4:05 a.m. Pacific Time.
The company said it has had discussions with potential buyers, but “can’t give assurances that a deal will be made.”
No timetable was announced, and the company declined further comment.
Pre-market trading of Jack in the Box’s shares was halted pending the announcement. The stock has lost 18 percent of its value over the past year, but closed up over 2 percent Monday amid a general decline in the market.
Last year in December, the company announced it was selling its 700-restaurant Qdoba Mexican grill chain.
The company operates and franchises 2,200 Jack in the Box restaurants in 21 states. It is one of the nation’s largest hamburger chains.
Updated at 1:05 p.m., Monday, Dec. 17, 2018
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