Noodles & Company initiates review of strategic alternatives

Noodles & Company announced that its board of directors has initiated a review of strategic alternatives in order to explore ways to maximize shareholder value. The review will include a range of potential strategic alternatives, including refinancing of existing indebtedness, refranchising or sale of all or part of the business, and/or other strategic or financial transactions. Joe Christina, president and CEO of Noodles & Company, commented, “As we navigate through the evolving consumer landscape, our team has been working hard to optimize our recent menu transformation initiative, including strengthening our value proposition through successful initiatives like our Delicious Duos platform, which has contributed to strong comparable restaurant sales performance of positive 4.5% in August. We believe now is the appropriate time to consider strategic options for our brand that could allow us to more effectively maximize value for our shareholders. As the Board conducts its review, our team will remain focused on executing our strategic priorities to establish Noodles & Company as the best choice for customers to satisfy their comfort food cravings.” Noodles & Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome.