CARPINTERIA, Calif. – CKE Inc., owner of Carl’s Jr. and Hardees, announced the company has postponed its initial public offering. The company had been expected to price its shares on Aug. 9 and list them on the New York Stock Exchange on Aug. 10.
The company said in a news release late on Aug. 9, "that due to market conditions it has determined not to proceed with its previously announced initial public offering of common stock at this time." CKE expected to raise as much as $230 million in its IPO. The company had filed for an IPO of up to $100 million in May.
CKE made the decision to file an IPO as part of a strategy to expand Hardee’s and Carl’s Jr. restaurant locations. The company plans to develop as many as 88 new Hardee's restaurants throughout the greater Tampa, Fla., area during the next several years. CKE also reached a development agreement with AML Foods Limited to build Carl’s Jr. restaurants in the Bahamas over the next five years. CKE plans to continue its expansion through a partnership with Restaurant Brands New Zealand Limited to build and operate Carl’s Jr. restaurants in New Zealand.
CKE had a total of 3,263 franchised or company-operated restaurants in 42 states and 25 foreign countries primarily under its Carl’s Jr. and Hardee’s brands.
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