Chains see sense in selling more stores to franchisees

04/11/2012 | Wall Street Journal, The

Burger King is the latest quickservice chain to unveil a plan to sell nearly all its company-owned stores to franchisees. Yum! Brands, Jamba Juice, Jack in the Box and other chains are pursuing similar strategies. "Wall Street security analysts think dollar-to-dollar royalty cash flows are more valuable than restaurant operating cash flows," says Kevin T. Burke, managing director of Trinity Capital in Los Angeles.

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