California-based CKE Inc., parent company of Carl's Jr. and Hardee's brands, has announced that it will not proceed with its previously announced initial public offering of common stock at this time.
The company cited market conditions for the postponement.
CKE Inc. has a total of 3,263 franchised or company-operated restaurants in 42 states and 25 foreign countries. It was expected to begin trading shares at $14 to $16 this week under the CK symbol on the New York Stock Exchange.
No rescheduled date was announced.
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