By: Jarrod Horton
Staff Writer
Today (July 12,2018) shares of Pap John Pizza rose 11 percent after the announcement that founder John Schnatter used the N-word in a conference call with his executives. Forbes reported yesterday that Schnatter made the remark and more insensitive remarks against Blacks during a cal with marketing agency Laundry Service. Schnatter later admitted and apologized for his remarks in a released statement. “News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true,” he said. “Regardless of the context, I apologize. Simply stated, racism has no place in our society.” he continued.
Schnatter has resigned from the company and the pizza chain is now looking for his replacement. Following his resignation from the company, Major League Baseball ended it’s Papa Slam promotion and the Florida Marlins has cut their ties with the company. Schnatter had already caused the pizza chain to lose it’s NFL sponsorship last November because of controversial statements against the NFL. Despite the backlash, the company regained it’s $96.2 million in market value that it lost the day before yesterday after the news was announced. The company stocks were at a 12 month low and bounced back in one day after the news of Schnatter resignation. .