| Aug 9 | food
Bull on Wall Street eludes CKE Inc
CARPINTERIA, Calif. — CKE Inc announced this evening that it is pulling its initial public offering because of poor market conditions. The company oversees 3,263 franchised and company-operated hamburger quick service restaurants under Carl's Jr. and Hardee's brands. CKE had hoped to use part of the proceeds to pay back its high debt load, close to $1.5 billion accrued from the firm's original buyout in 2010 when it went from publicly traded to privately owned.
Now its owner, private equity firm Apollo Global Management, along with investment bankers, will have little to show for their efforts in preparing the company to go public.
"I don't think Apollo or anyone at CKE messed up," says restaurant...