A hedge fund manager added a twist to his newest presentation blasting Buffalo Wild Wings
Marcato presentations criticizing the casual dining chain are not new. This battle has been going on for months - which on Wall Street means slide decks on slide decks.
What is new this time, though, is that Marcato is now asking fellow shareholders to vote for a board shakeup at the company this Thursday. Marcato's aim remains to transition the company more toward franchise ownership, which it claims leads to more efficient management.
Now, what's also interesting here is that this particular accompanying presentation doesn't just include your run-of-the-mill hedge fund number crunching. It's full of quotes from former Buffalo Wild Wings employees and customers bashing the company.
Some gems:
"Several of the BWW expats have had communication over the last couple of days. Just wanted to let you
know that the assessment of you and your team, as it relates to the challenges with Buffalo Wild Wings, are
spot-on and things that literally we have been talking about and trying to change for years"
─ Former Buffalo Wild Wings Executive, 8/19/16
"We are surprised the Company's investor presentations continue to center on tactical efforts, like FastBreak
Lunch and Wing Tuesday, and secondary strategic priorities, like international development and new
concepts, rather than full explanations for why traffic is declining, how costs will be reduced or why the
business model is appropriate. It is not clear to us the issues and alternatives are fully understood"
─ Chris O'Cull, Keybanc, 2/7/17
And from one not so happy customer:
2/22/17: "[T]he service is atrocious…This is a common complaint among others that I have discussed my frustrations with regarding BWW
More in the deck, the good stuff starts around slide 8. Enjoy!
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- ITC plans to open more hotels overseas: CMD Sanjiv Puri
- 2024 LS polls pegged as costliest ever, expenditure may touch ₹1.35 lakh crore: Expert
- 10 Best things to do in India for tourists
- 19,000 school job losers likely to be eligible recruits: Bengal SSC
- Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund