HOUSTON, May 8, 2017 /PRNewswire/ -- JCP Investment Management, LLC, together with its affiliates and the other participants in its solicitation (collectively, "JCP" or "we"), collectively one of the largest stockholders of Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), with aggregate ownership of approximately 8.6% of the Company's outstanding shares, today announced the launch of www.FixFiesta.com, a website dedicated to the election of JCP's highly qualified nominees, John B. Morlock and James C. Pappas, to Fiesta's Board of Directors (the "Board") at the Company's upcoming annual meeting scheduled for June 7, 2017 (the "Annual Meeting").
JCP has filed a definitive proxy statement and an accompanying GOLD proxy card with the Securities and Exchange Commission in order to give stockholders an opportunity to replace Barry J. Alperin and Brian P. Friedman, directors who have overseen significant value destruction at Fiesta (including negative total shareholder returns over the past 1, 2 and 3-year periods), with direct stockholder representatives possessing restaurant industry experience.
As further explained in JCP's proxy materials, which are available at www.FixFiesta.com, stockholders deserve an alternative to the poor operating performance and lack of accountability that has plagued Fiesta under the leadership of the incumbent Board. Notably, while Fiesta has unilaterally appointed three directors since the end of February, no incumbent has stepped down and none of the recently appointed directors (including Nicholas P. Shepherd, who also serves as a director of Spirit Realty Capital, Inc., which suffered a one-day share price decline of nearly 25% last week) are up for election at the Annual Meeting.
It is imperative that Fiesta stockholders take advantage of the opportunity at the Annual Meeting to elect representatives of their choosing. The time for change is now – JCP urges all stockholders to vote the GOLD proxy card today.
About JCP Investment Management:
JCP Investment Management, LLC is an investment firm headquartered in Houston, TX that engages in value-based investing across the capital structure. JCP follows an opportunistic approach to investing across different equity, credit and distressed securities largely in North America.
James C. Pappas
JCP Investment Management, LLC
John Glenn Grau
Bill Douglass, (646) 504-0890
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SOURCE JCP Investment Management, LLC