Tippapatt
BJ’s Restaurants (NASDAQ:BJRI) announced on Wednesday that it has engaged PW Partners to provide recommendations regarding cost structure and efficiencies to the restaurant company.
In conjunction with the engagement of PW Partners, BJ’s (BJRI) also entered into a cooperation agreement with the firm. Of note, PW Partners is a beneficial owner of more than 5% of BJRI’s common stock. For its part, PW Partners agreed to withdraw a slate of director nominees for the BJRI board that it had previously submitted for election at the 2024 annual meeting of shareholders.
PW Partners’ has a stated objective to maximize the value of its portfolio companies by influencing corporate policies. PW Partners is led by restaurant industry veteran, Patrick Walsh, who previously served as a member of the board from 2014 to 2022.
Shares of BJ’s Restaurants (BJRI) are down 7.8% on a year-to-date basis. Short interest stands at 9.1% of the total float.