Published January 17, 2017 8:10am EST | Updated January 17, 2017 9:05am EST

Papa Murphy's Holdings Says It Will Refranchise Some Stores To Pay Down Debt

Papa Murphy's Holdings Inc. said Tuesday that it will be refranchising stores it owns in certain markets and using the cash raised to reduce its debt. The company said it would be retaining a royalty annuity in those sales, which along with other changes "positions us well to return the company to profitable growth," Jean Birch, board chair and interim CEO, said. Papa Murphy's shares have dropped 25.3% over the last three months, compared with a 7.0% rise in the S&P 500 .