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JENNY CRAIG PURCHASES 41 NORTHERN CALIFORNIA CENTRES FROM FRANCHISEE

JENNY CRAIG PURCHASES 41 NORTHERN CALIFORNIA CENTRES FROM FRANCHISEE
 DEL MAR, Calif., Nov. 2 /PRNewswire/ -- Jenny Craig Inc., (NYSE: JC) today announced that it has completed the purchase of 41 Northern California Jenny Craig Weight Loss Centres and their assets from one of its franchisees, Angus Corp., a privately-held Company affiliated with Company founders Sid and Jenny Craig and their family.
 Consideration for the purchase consisted of approximately $6 million in canceled trade credit due to Jenny Craig, assumption of normal current liabilities, and up to $3 million in payments contingent on the earnings of the 41 stores during calendar 1993 and 1994. The transaction was negotiated and approved by a committee of independent directors on Jenny Craig's board and was subject to the receipt of a fairness opinion from an independent investment banking firm that the consideration paid was fair to Jenny Craig Inc. from a financial point of view.
 "Northern California is an important market for us," said Ron Gerevas, president. "We are pleased to be able to add these Centres to the ones we currently own."
 Mr. Gerevas said that the Company, from time to time, acquires franchises as opportunities are presented and that the purchase of these Centres brings to 56 the total number of franchised operations the Company has purchased since June 1.
 -0- 11/2/92
 /CONTACT: Michael Sitrick or Michael Kolbenschlag of Sitrick And Company, 310-788-2850/
 (JC) CO: Jenny Craig Inc.; Angus Corp. ST: California IN: SU: TNM


JB -- LA036 -- 1865 11/02/92 20:41 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:254
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