Fiesta Restaurant Group Proxy Contest With JCP Investment Management

You could be forgiven for having overlooked the proxy contest at $650 million market cap Fiesta Restaurant Group, operator of just over 340 restaurants in five southern states, although given it’s Cinco de Mayo today, a shout-out for its Taco Cabana brand seems appropriate.

A couple of things make this situation worthy of a closer look, however, as the company hurtles towards its June 7 proxy contest with JCP Investment Management. First, cooking chicken is currently a rough business with inflation in poultry prices and the restaurant industry as a whole is struggling – Buffalo Wild Wings, Chipotle Mexican Grill, BJ’s Restaurants and Panera Bread are just some of the dozen or so recent targets in the sector – and...