That hit in the wallet is no joke…
The bad news keeps on coming for Papa John’s. CEO Steve Ritchie announced tuesday that sales in the second quarter fell six percent, reaching a low point of ten percent in July because of negative publicity about its founder. John Schnatter used a racial slur during a May conference call with a marketing firm that led to him stepping down from his chairman position. Schnatter issued a statement after the earnings report saying he built the company into a success and is still the largest shareholder. He promises he’s not going away and is seeking to regain control.
(Source-CNBC)
