Wilt Chamberlain Stock Gets Benched

A restaurant company named after former basketball star Wilt Chamberlain evidently wasn’t ready for competition in this league.

In a highly unusual move, Wilt Chamberlain Restaurants Inc. withdrew its initial public stock offering before the stock could be delivered to investors.

The Boca Raton, Fla.-based restaurant company had offered 1.4 million shares of stock last week at $7 a share.

But the price tumbled more than a third in the next two days and the stock was pulled from trading.