Buffalo Wild Wings Climbs on Marcato Capital Letter

Shares of the restaurant chain climbed Wednesday on the publication of advice from a major shareholder.
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Buffalo Wild Wings (BWLD) shares were also up about 2% after hedge fund Marcato Capital, which owns more than 5% of the company's shares outstanding, released a letter to Buffalo Wild Wings Chairman James Damian urging the addition of new talent on the board and more focus on core restaurant operations. Marcato founder and managing partner Mick McGuire said "Suboptimal capital allocation behavior is symptomatic of a larger organizational deficiency: a tendency to favor gut feel and thematic proclamations without tangible evidence or appropriate analytical support." McGuire also noted that the restaurant chain needs "the introduction of fresh talent at both the board and management levels." Buffalo Wild Wings shares are now up more than 20% over the past three months.

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