Grace Schneider Louisville Courier Journal Published 6:36 PM EST Feb 4, 2019 Analysts were guarded in their assessment of the deal announced Monday in which Papa John’s sold a $200 million stake in itself to an investment firm and added two experienced executives to the board. New York City-based Starboard Value LP, led by restaurant turnaround expert Jeffrey Smith, gets the option to plow another $50 million into the company. And Smith will become chairman of the board, replacing Olivia Kirtley. Another veteran in hospitality and gaming, Anthony Sanfillipo, will also join the board with Papa John’s CEO Steve Ritchie. The news came as the Louisville-based global pizza chain released preliminary results showing sales dropped 8 percent in 2018 and were down more than 7 percent for the fourth quarter. Because of the significant headwinds, analysts said the company will need to keep focusing on improving its sales. Here’s some perspective from two analysts and a consultant on reputation management: 1. ”Ineffective promotions” and more Chris O’Cull and team at Stifel brokerage and investment firm wrote in an investor note that “in the intermediate term, we believe the focus should remain on improving sales performance, which based on the pre-announced results for (the fourth quarter and 2018) remain challenged.”… Read full this story
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