On March 3, however, just days after THL announced its acquisition agreement, Puzder appeared to position himself in defense of CKE’s higher-priced, higher-quality brand strategy that has helped differentiate the company from competitors.

“Regardless of when the overall economy turns around, we remain steadfastly focused on protecting our brand image for the long run while trying to grow same-store sales in the short run,” Puzder said in a statement issued with CKE’s February sales report. “We will continue to focus on the excellent value for the money of our premium products and new initiatives to improve same-store sales and increase market share.”

Lyon said he suspects Puzder made these comments “to communicate that there will be little change to their pricing strategy. He likely doesn’t want his concepts to be known for discounting.”

Puzder’s approach has mostly paid off. Hardee’s stores’ average unit volume was $715,000 a year when he took over management 10 years ago, Puzder noted. At the close of the 2008 fiscal year, it was $993,000. Over the same period, CKE took Carl’s Jr.’s average unit volume from $1,076,000 to $1,533,000, the second-highest in the industry.

The past year has been more challenging. Financial results for fiscal 2009 are due out later this month, but it is already clear results are off their previous pace. During the third quarter ended November 2, for example, same-store sales dropped 5.2 percent at Carl’s Jr. and 1.8 percent at Hardee’s compared with the same period a year earlier.

Puzder has cited high unemployment rates, deep discounting among competitors, and bad weather as factors in recent sales declines.

Anton Brenner, an analyst with Roth Capital Partners, said CKE’s prices make sense for the company and that the lower sales are due to the recession, not higher price points.

Still, pressure to get sales back on track is mounting, and prospects of a quick economic recovery are dim.

“The operating environment is about as bad as I have seen it in southern California, where 80 percent of Carl’s Jr. are located,” Lyon said.

THL’s buyout must still receive approval from federal regulators and CKE shareholders, and CKE said it would entertain other offers.

But analysts said it’s unlikely strategic offers will be made.

“Most of the private equity bidders in the restaurant sector are smaller, and I don’t see them trying to get into a contest with THL,” Brenner said.

If CKE backs out of the deal, it would have to pay THL $15.5 million, and if CKE accepts a better offer, it would have to pay $9.3 million, according to a March 2 disclosure CKE filed with the SEC.

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Christopher Tritto writes for the St. Louis Business Journal. Kelsey Volkmann writes for the St. Louis Business Journal.