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Shares of Papa John's tumbled on Wednesday to $47.80, the lowest price since February 2016, after after outspoken chairman and founder John Schnatter came under fire following a report from Forbes that he used the N-word and graphic descriptions of violence against minorities on a conference call in May designed by marketing agency Laundry Service as a role-playing exercise for Schnatter in an effort to prevent future public-relations snafus."
Following the conference call incident, Laundry Service cut ties with Papa John's - telling staff in a May 31 letter that it was ending its work with an unnamed client thanks to "the regrettable recent events that several employees of Laundry Service witnessed during interactions with a client’s executive," according to a copy of the letter obtained by Bloomberg.
May - Call - Schnatter - Racist - Groups
On the May call, Schnatter was asked how he would distance himself from racist groups online. He responded by downplaying the significance of his NFL statement. “Colonel Sanders called blacks n-----s,” Schnatter allegedly said, before complaining that Sanders never faced public backlash.
Shares of the pizza chain have tumbled 25% since Schnatter waded into the debate over national anthem protests and made several inflammatory comments against the NFL; the slide continued today with PZZA dropping as...
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