Is California Pizza Kitchen for sale?
April 10, 2010
California Pizza Kitchen, the popular designer pizza chain, currently celebrating its 25th anniversary, is apparently up for sale. [Los Angeles Times]
Unidentified sources told the Wall Street Journal that the two original co-founders–Larry Flax and Rick Rosenfield, both former criminal attorneys–are looking to get out of the business.
California Pizza Kitchen currently operates 253 restaurants nationwide, including one in downtown San Luis Obispo. The company’s stock market value is approximately $500 million and there is very little debt. Sales hit a record high of $677 million in 2008.
Rumors of a possible sale sent California Pizza Kitchen’s stock soaring on Friday to $20.74 per share, the best showing the stock has enjoyed since 2007.