Here's the brutal presentation that an activist investor just published about Buffalo Wild Wings
Marcato Capital Management sent a presentation to Buffalo Wild Wings' shareholders accusing the company of "overpromising and under-delivering."
"Buffalo Wild Wings has an unfortunate history of misrepresenting that they are on the verge of rolling out new initiatives that will improve the performanch and shareholder value," the presentation says.
Mick McGuire, the founder and CEO Marcato who has been called a Bill Ackman "protégé," said in a statement that the company is squandering its potential thanks to the ignorance and inaction of management.
"Buffalo Wings' shareholders deserve a board comprised of directors with the relevant restaurant experience and conviction to exercise much needed oversight and accountability," McGuire said.
Marcato, which has a 5.2% stake in Buffalo Wild Wings, has recommended a list of replacement company directors and asked shareholders to submit ideas on how the company could be improved online, here.
Here is the full presentation: