BJ’s Restaurants Inc. (Nasdaq: BJRI) is engaging with investment firm PW Partners, also an owner of more than 5% of BJ’s common stock, who will provide recommendations regarding cost structure and efficiencies to the restaurant chain and its board.
The Huntington Beach-based chain also entered into a six-month long cooperation agreement with PW Partners. The firm had previously intended to nominate director candidates for election to the board and bring a shareholder proposal at this year’s annual meeting.
“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 Chairman Gerald Deitchle said in a statement.
BJ’s is also awarding PW’s Founder and Chief Executive Patrick Walsh restricted stock units, worth $175,000 divided by the closing price on March 26.
“We look forward to working with the Company to reduce non-strategic costs and increase shareholder value. We believe the Company has great potential,” Walsh added.
BJ’s Restaurants currently counts more than 200 restaurants in 30 states with annual revenue of $1.3 billion for 2023.
