On February 20, 2024, PW Partners Capital Management, LLC and its affiliates sent a letter to Gerald Deitchle, Chairman of BJ's Restaurants Inc., calling for immediate actions to create long-term value for shareholders. In the letter, PW Partners stated that it intends to take action to materially improve the operations of the Company, which PW Partners believe would close the gap between the Company?s share price and its intrinsic value. PW Partners recommends the Company?s Board take the actions: (1) reduce the current cost structure by $50 million by the end of the second quarter of 2024 with a focus on G&A, Labor and Purchasing, (2) execute a $100 million stock buyback, (3) reduce the Board size to 7 members, all of whom are focused on shareholder value, and (4) appoint PW Partners?
representatives to the Board. PW Partners expressed its view that its initiatives must be implemented immediately at this critical time in the Company's history.
BJ's Restaurants, Inc. is a casual dining restaurant. The Companyâs restaurants feature a menu with approximately 100 menu items designed to offer various items, including slow roasted entrees, such as prime rib, EnLIGHTened Entrees, such as Cherry Chipotle Glazed Salmon, original signature deep-dish pizza, the Pizookie dessert and BJs craft beers. Its craft beer is produced at five in-house brewing facilities and by independent third-party brewers using its recipes. The Company is a national restaurant chain, which owns and operates approximately 200 casual dining restaurants located in 30 states, including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington.
BJ'S RESTAURANTS, INC. 
