Papa John's founder explores selling stake in company
Papa John’s founder John Schnatter. Photo: Marc Sanchez/Icon Sportswire via Getty Images
Papa John's founder John Schnatter has engaged financial advisors to explore the sale of all or part of his 31% stake in the company, per a regulatory filing. His position has a current market value of around $500 million.
Why it matters: Papa John's is the world's third-largest pizza delivery chain, and pizza remains the world's best food. (Disclaimer: correlation ≠ causation).
The bottom line: "Ten months ago, the pizza chain ousted Schnatter as chairman after it was reported that he used a racial slur on a conference call. Sales tumbled, and Papa John’s has struggled to recover. At the same time, Schnatter filed several lawsuits against the company he founded in a bid to regain control but agreed to dismiss them as part of a settlement with Papa John's." — Amelia Lucas, CNBC