After costing Papa John’s $51 million, John Schnatter may finally be walking away.
We know we’ve said it a thousand times, but the end may actually be in sight. John “Papa John” Schnatter—yes, that one—may actually make his way out of the news cycle for good. Restaurant Business is reporting that according to a Tuesday federal security filing, Schnatter has hired financial advisers to explore a sale of his Papa John’s shares.
Our team here at 1851 Franchise has diligently reported on Schnatter’s turbulent falling out with Papa John’s ever since that infamous conference call in May 2018. Resignations, poison pills and multiple lawsuits later, Schnatter still owns 31% of Papa John’s, or nearly 10 million shares.
If he really is ready to hang it up, the selling of Schnatter’s interest would have a “substantial impact” on Papa John’s stock price, the article notes.
Read the full article here.