BJ’s Restaurants, Inc. Engages PW Partners to Provide Cost Structure Recommendations
March 27 2024 - 6:00AM
BJ’s Restaurants, Inc. (“BJ’s” or the “Company”) (Nasdaq: BJRI)
today announced that it has engaged PW Partners, LLC (“PW
Partners”) to provide recommendations regarding cost structure and
efficiencies to the Company and its board of directors (the
“Board”). In conjunction with PW Partners’ engagement, the Company
entered into a cooperation agreement (the “Cooperation Agreement”)
with PW Partners, a beneficial owner of more than 5% of the
Company’s common stock. Pursuant to the Cooperation Agreement, PW
Partners agreed to withdraw a slate of director nominees that it
had previously submitted for election to the Board at the Company’s
2024 annual meeting of shareholders.
PW Partners is an investment management and
advisory firm focused on cost structure analysis and long-term
value creation for small and mid-cap companies. PW Partners’
objective is to maximize the value of its portfolio companies by
influencing corporate policies. PW Partners has a strong history of
creating value through cost structure analysis, enhanced strategic
decision making, operational excellence, capital allocation and
board involvement. PW Partners is led by restaurant industry
veteran, Patrick Walsh, who previously served as a member of the
Board from 2014 to 2022.
“We are pleased to welcome PW Partners’ input
and recommendations, and we look forward to working with them as we
continue to execute on our initiatives to enhance shareholder
value,” said Gerald (“Jerry”) W. Deitchle, Chairman of the
Board.
On behalf of PW Partners, Mr. Walsh said, “We
look forward to working with the Company to reduce non-strategic
costs and increase shareholder value. We believe the Company has
great potential.”
A copy of the Cooperation Agreement will be
included as an exhibit to the Company’s current report on Form 8-K,
which will be filed with the U.S. Securities and Exchange
Commission (the “SEC”).
Sidley Austin LLP and Elkins Kalt Weintraub
Reuben Gartside LLP are serving as legal counsel to the Company.
Cadwalader, Wickersham & Taft LLP is serving as legal counsel
to PW Partners.
About BJ’s Restaurants,
Inc.
BJ’s Restaurants, Inc. is a national brand with
brewhouse roots where Craft Matters®. BJ’s broad menu has something
for everyone: slow-roasted entrees, like prime rib, BJ’s
EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon,
signature deep-dish pizza and the often imitated, but never
replicated world-famous Pizookie® dessert. A winner of the 2024
Vibe Vista Award for Best Overall Beverage Program for Multi-Unit
Chain Restaurants and the most decorated restaurant-brewery in the
country, BJ’s has been a pioneer in the craft brewing world since
1996 and takes pride in serving BJ’s award-winning proprietary
handcrafted beers, brewed at its brewing operations in four states
and by independent third-party craft brewers. The BJ’s experience
offers high-quality ingredients, bold flavors, moderate prices,
sincere service, and a cool, contemporary atmosphere. Founded in
1978, BJ’s owns and operates over 200 casual dining restaurants in
30 states. All restaurants offer dine-in, take-out, delivery and
large party catering. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward Looking Statements
Statements used in this news release relating to
future plans, or events, are forward-looking statements subject to
certain risks and uncertainties. Additional information concerning
these and other risks and uncertainties is contained in the
Company’s filings with the SEC, including the Annual Report on Form
10-K, and other periodic reports filed with the SEC. The Company
has no obligation to publicly update or revise any of the
forward-looking statements in this news release.
Investor Relations Contact
For further information, please contact Tom
Houdek of BJ’s Restaurants, Inc. at (714) 500-2400.
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