22.10.2024 03:22:10
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JCP Investment Management Proposes Spin-Off Of Smaller Brands From Cheesecake Factory : Report
(RTTNews) - Houston-based JCP Investment Management, which holds approximately a 2% stake in The Cheesecake Factory Inc. (CAKE), has urged the company to consider spinning off three of its smaller brands, the Wall Street Journal reported citing sources familiar with the matter.
The report said the activist investor has recommended that Cheesecake Factory executives separate their North Italia, Flower Child, and Culinary Dropout restaurants into a distinct company.
JCP reportedly argues that the strategy would enable management to concentrate on achieving faster growth and reaching their financial targets. Additionally, JCP has expressed its willingness to invest capital into the newly spun-off entity to support its expansion.
CAKE closed Monday's regular trading at $42.45 down $0.57 or 1.32%. But in the after-hours trading, the stock gained $2.05 or 4.83%.
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The Cheesecake Factory Inc. | 48,60 | -1,62% |