Sales have been declining sharply in recent quarters. El Pollo Loco ( LOCO ) -- Down 18 percent last week One of this year's hottest restaurant IPOs has been cooling off since reporting earnings earlier this month. El Pollo Loco -- a quick-service chain specializing in citrus-marinated chicken -- took another hit this week after announcing a secondary offering. El Pollo Loco had to price the 6 million shares in the offering at $27, well below where the stock was just before the secondary was announced. This won't be dilutive. All of the shares being offered are by pre-IPO investors. El Pollo Loco isn't receiving any proceeds from the secondary, but it's not an encouraging sign to see so many insiders cashing out. El Pollo Loco's stock has fallen in 10 of the 11 trading days since posting quarterly results on Nov. 6. Renren ( RENN ) -- Down 16 percent last week The market bought into the Renren hype when it went public a few years ago.