BJ’s Restaurants, Inc. (NASDAQ:BJRI) has announced a new cooperation agreement with Act III Holdings and affiliates of Ronald M. Shaich, a prominent restaurant industry figure.
Act III, led by Shaich, who is also the founder of Panera Bread and Chair of Cava Group, will work closely with BJ’s leadership team to drive the company’s growth and strategic vision.
Lea Anne S. Ottinger, Chair of BJ’s Board of Directors, expressed confidence in the partnership, praising Act III’s industry expertise and Shaich’s leadership.
She emphasized that the collaboration will support BJ’s Interim CEO Brad Richmond and President Lyle Tick as they implement the company’s vision for growth. Ottinger is optimistic that this partnership will help BJ’s execute its strategic plan effectively.
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BJ’s Restaurants’ total revenues for fiscal third quarter 2024 increased 2.2% to $325.7 million, with comparable restaurant sales up 1.7% and restaurant operating weeks rising 0.2%.
Shaich highlighted the financial expertise of Richmond and Tick’s clear strategy for unlocking BJ’s potential.
Shaich reiterated his commitment to helping BJ’s exceed its goals and looks forward to working together to enhance the brand’s value.
As part of the agreement, Act III has agreed to a standstill, voting commitment, and other customary provisions.
The partnership signals a new chapter of growth and opportunity for BJ’s Restaurants.
Price Action: BJRI shares are trading higher by 1.95% to $36.60 premarket at last check Friday.
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