New York (CNN Business) Embattled celebrity chef Mario Batali has sold his stake in the chain of restaurants that helped to make him famous, more than a year after he was accused of sexual misconduct.

The sale was confirmed by both Batali and the restaurant company, formerly known as Batali and Bastianich Hospitality Group. It will adopt a new name that has not yet been announced.

The announcement comes nearly a year after the company said it was actively negotiating to buy Batali's stake. Terms of the sale were not disclosed by the privately held company.

Batali is "now fully divested" from the business, said Tanya Bastianich Manuali and Joe Bastianich in an email Wednesday to the employees of the group's 16 restaurants. Six other restaurants — one in New York, two in Asia and three in Las Vegas — have closed in the past year. The note said it had been a "challenging year" for the company.

In a statement to CNN Business, Batali said he has reached an agreement with Joe Bastianich and no longer has any stake in the restaurants.

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