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Shares of Papa John's International  (PZZA - Get Report)  extended their losses Wednesday, falling 7.5% to $47.88 after losing some 10% Tuesday on a report that Trian Fund Management LP had lost interest in bidding for the struggling pizza chain. PZZA has lost 17% in two days.

The stock has been tumbling ever since The Wall Street Journal reported Tuesday afternoon that Trian, a hedge fund with some $12 billion under management, had backed out of talks to buy Papa John's. Trian owned Domino's Pizza Inc. (DPZ - Get Report)  from 2011 to 2012 and currently owns a stake in Wendy's Co. (WEN - Get Report) .

Papa John's has been exploring a possible sale since August, shortly after company founder John "Papa John" Schnatter was ousted from the board of directors for making racially insensitive comments. Schnatter had already stepped down as CEO last December after controversial comments about how the NFL -- whose TV broadcasts Papa John's had heavily advertised on -- had handled some players' decision to kneel in protest during the U.S. national anthem.

Schnatter, who still owns 31% of the company, has been trying to put together a hostile bid to take the company over. However, Papa John's business and share price have suffered amid all of the controversy, with the stock hitting a 2018 low of $38.05 on Aug. 8.

Shares popped some 9% after the WSJ reported in October that Trian was looking at bidding for the firm. But with the company now out of the running, the stock is down 14.7% year to date.