Mario Batali gives up financial stake in all his restaurants

NEW YORK (AP) — Celebrity chef Mario Batali has given up financial stakes in all his restaurants, severing a 20-year business partnership with restaurateur Joe Bastianich more than a year after several women accused Batali of sexual harassment and assault.

The move announced today comes months after the original target date for Batali's divestiture. Bastianich and partners bought out Batali's share in high-end eateries such as the Michelin-starred Babbo in Greenwich Village and Del Posto, a fine-dining Italian spot in the Meatpacking District.

In a two-sentence statement issued through a spokesman, Batali said simply he had reached an agreement with Bastianich and will "no longer have any stake in the restaurants we built together."

Batali, known for his bright orange kitchen Crocs and ponytail, wished his former business partner the "best of luck in the future."

Bastianich and his sister, Tanya Bastianich Manuali, said in a statement to employees that business ties with Batali are now fully severed. Other restaurants the two had stakes in had already closed.

Manuali recently took over day-to-day operations and oversight of the Batali & Bastianich Hospitality Group, forming a new company to operate 16 remaining restaurants.

Batali and Joe Bastianich had originally been scheduled to part ways in July. They would not discuss additional details of their agreement. Bastianich and Manuali are the children of chef Lidia Bastianich, who will also be a partner in the new company.

In addition, the U.S. branch of Eataly with several locations, including a flagship in Manhattan, said in a statement today the Italian food emporiums are in the process of acquiring Batali's minority stake.