Jamba Inc. (NASDAQ: JMBA), which owns and franchises Jamba Juice stores, said Thursday it sold eight restaurants in California to Four Life Foods LLC, a company owned by one of the co-founders of Jamba Juice, according to Associated Press.
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Four Life Foods, owned by Linda and Jeff Olds, now owns and operates nine California Jamba Juice locations.
The sale is part of refranchising initiative for 150 of Jamba Juice's stores announced in May.
The deal includes the original Juice Club store that spawned Jamba Juice.
The refranchising effort is expected to involve about 150 company-owned restaurant locations, mainly outside of California, in 2009 and 2010.
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