(Louisville, KY) - Pizza chain Papa John's is reaching out to potential buyers and asking them to submit offers.
Reuters was the first to report that the Louisville, Kentucky-based company is seeking help as its founder, John Schnatter, seeks to regain control of the company.
Schnatter stepped down under pressure after making racially insensitive comments on a media training conference call. He still owns 30 percent of the company.
The company sent out information about an auction to sell itself to other companies and private equity firms. It hopes to receive some bids by the end of next month.
A Papa John's spokesperson would not comment on the report.
The market value of the company is $1.6 billion dollars.
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