Shares ofPapa John’ssank 15% on Tuesday following a report thatApollo Globalhas withdrawn its offer to take the pizza chain private.

Reuters reported that the private equity firm backtracked on its bid, valued at $64 a share, about a week ago. The firm previously submitted an offer for Papa John’s alongside Irth Capital Management, according to Reuters.

Apollo and Papa John’s did not immediately respond to requests for comment.

Papa John’s is preparing to release its third-quarter earnings report on Thursday. The company’s stock is down nearly 30% in the last year.

The report comes as restaurants and other consumer-focused companies have been reporting sluggish sales amid rising inflation and costs.

Last week,Chipotleexecutives said the fast food chain saw a 0.8% traffic decline, marking the third straight quarter of declines and a pullback in consumers across all income cohorts.Procter & Gamblereported in October that its lower-income customers are significantly paring back their spending.

The report follows another significant deal development in the restaurant space. Earlier on Tuesday,Yum Brandssaid it plans to review strategic options for Pizza Hutfollowing years of struggles for the pizza chain.