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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Buffalo Wild Wings, Inc. (delisted) | NASDAQ:BWLD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 156.95 | 157.05 | 155.00 | 0 | 01:00:00 |
Activist investor Marcato Capital Management LP on Wednesday said it is seeking substantial changes at sports-bar chain Buffalo Wild Wings Inc., including the addition of new management and improvements in food quality and service.
In a letter to Buffalo Wild Wings Chairman James Damian, the activist investor criticized the restaurant company's decision-making processes regarding capital deployment and its "tendency to favor gut feel and thematic proclamations" that lack "tangible evidence or appropriate analytical support."
Marcato also said that roughly two months had passed since its initial private talks with the fast-casual chain's management, and that it was disclosing its views after the company's "lackluster analyst day presentation and observable discontent among shareholders and research analysts."
A company spokeswoman wasn't immediately available to comment.
The San Francisco hedge fund, which has a 5.2% stake in Buffalo Wild Wings, also said the company needs to remain focused on its main business rather than "placing wild bets, however small, on hit-or-miss 'growth drivers.'" Marcato is run by Mick McGuire, a proté gé of activist William Ackman.
During July, Buffalo Wild Wings reported a decline in same-store sales for the second consecutive quarter, though the decline was offset by a rise in revenue, propelled by the addition new locations.
Buffalo Wild Wings shares, down 17% in the past 12 months, rose 2.2% to $164.95 in recent trading.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
August 17, 2016 12:45 ET (16:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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