Papa John's management has a message to investors looking to buy the chain: We're good.

The pizza chain, which has been the source of deal speculation since early 2025, said Thursday that it conducted a review of its business, including a possible sale. After 18 months of exploring options, the company's management and board opted to stick with its current turnaround strategy.

"We believe it is in the best interest of the company and all of our shareholders to focus 100% of our attention on Papa John's transformation," Chief Executive Todd Penegor said during an investor call.

Papa John's sales continue to underperform. Penegor said Thursday that a challenging consumer environment and a flood of deals from fast-food rivals is pressuring its business, and the company's turnaround is taking longer than anticipated.

The company reported an 8.3% decrease in North American same-store sales for its second quarter, and it is suspending its quarterly dividend to invest more into the business.

Papa John's stock fell nearly 8% in premarket trading.