Is Jack In The Box Going Under?
ST. LOUIS — The owners of 70 Jack In The Box restaurants in Missouri and Illinois have filed Chapter 11 bankruptcy. The limited liability companies, Earth City-based Missouri Jack, Illinois Jack and Conquest Foods, made the filings Tuesday in bankruptcy court in St. Louis.
How is Jack in the Box doing financially?
Total revenues increased 9.0% to $278.5 million, compared to $255.4 million in the comparable period ended September 27, 2020, driven by the 53rd week in 2021 and growth in same store sales.
Jack in the Box Inc. Reports Fourth Quarter and Full-Year 2021 Earnings
Is Jack in the Box in trouble?
Missouri Jack and Illinois Jack, which own Jack in the Box restaurants in their respective states, filed for Chapter 11 bankruptcy after the owner was unable to reach an agreement with City National Bank (CNB) over a debt of more than $15 million, according to Restaurant Business.
70 Locations of This Beloved Burger Chain Are Going Bankrupt
Why are so many Jack in the Box closing?
A state tax dispute was behind the sudden closing of Jack in the Box Thursday and most of Friday, and it was not the first time the local fast-food franchise had faced closure over unpaid taxes. ... The local Jack in the Box franchise came close to being closed down in February over unpaid county taxes.
Jack in the Box closes for day and a half due to unpaid taxes
Why Jack in the Box is failing?
The lawsuit accused Jack in the Box of failing to uphold its contractual obligations, which the NFA claimed had a negative financial impact. The primary focus was the breach of a 1999 agreement with the NFA in which Jack in the Box allegedly refused to be transparent when it came to the marketing fund.
Jack in the Box and its Franchise Association Reach Settlement