Noodles & Co. (Nasdaq: NDLS) reported that its Board of Directors has initiated a review of strategic alternatives aimed at maximizing shareholder value.
The process may include a range of options such as refinancing existing debt, refranchising, the sale of part or all of the business, or other financial or strategic transactions. The company has engaged Piper Sandler as its financial adviser to assist with the review.
“As we navigate through the evolving consumer landscape, our team has been working hard to optimize our recent menu transformation initiative,” said Joe Christina, CEO of Noodles & Co. He noted that the company saw a 4.5% increase in comparable restaurant sales in August, driven in part by its new “Delicious Duos” value platform.
The company did not provide a timeline for the review and emphasized that there is no guarantee it will result in any transaction. Noodles & Co. said it does not plan to make further public comments on the matter unless a specific outcome is approved.
Founded in 1995 and headquartered in Broomfield, Noodles & Co. operates approximately 450 restaurants nationwide and employs around 7,000 people. The fast-casual chain offers a range of globally inspired and comfort-focused noodle dishes.
