Are The Founders of California Pizza Kitchen Looking to Sell?

According to the Los Angeles Times, “Are the co-founders of California Pizza Kitchen looking to call it quits?”

“The L.A.-based designer-pizza chain has put itself up for sale, the Wall Street Journal reported Friday, citing unidentified sources.The report sent the company’s stock soaring in the last few minutes of trading on Nasdaq. The shares closed up $2.56, or 14%, to $20.74, the best price since the stock’s all-time high of $24.62 in 2007.”

“CPK, founded 25 years ago by two former criminal attorneys, has 253 restaurants nationwide and in nine countries overseas, and also sells it pizzas in supermarkets.The Journal said the company was soliciting interest from potential buyers including private-equity firms. That doesn’t mean a sale will happen, but it’s a start. CPK’s stock market value is about $500 million; the chain has little debt. Company officials couldn’t be reached for comment about the sale speculation.”