Mail Boxes Agrees to Sale of Its L.A. Franchise

Mail Boxes Coast to Coast Inc., a Glendale franchiser of postal service shops, said it agreed to sell its principal asset, the exclusive Los Angeles area franchise for Mail Boxes Etc.

Terms of the sale were not disclosed. The buyer, Garcher Enterprises Inc., is a privately held company owned by former officers, directors and controlling shareholders of Mail Boxes Coast to Coast.

Mail Boxes said the transaction, which was approved by directors and a majority of shareholders, is expected to close May 8. After the deal closes, all the present officers and directors of the company will resign and new management will be installed.