SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 30, 2025 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 28, 2025, the Company entered into a cooperation agreement (the “Cooperation Agreement”) with Engaged Capital, LLC and certain of its affiliates (the “Engaged Group”). Pursuant to the Cooperation Agreement, the Engaged Group withdrew its notice to nominate two directors for election to the Company’s board of directors at the 2025 annual meeting and the parties agreed to cooperate to identify candidates for appointment to the Board who possess recent relevant experience in the restaurant industry as an operator and certain other covenants. The Company also agreed to reimburse the Engaged Group for its reasonable, documented out-of-pocket fees and expenses incurred in connection with the negotiation and execution of the Cooperation Agreement, the 2025 annual meeting and the matters related thereto in an amount not to exceed $300,000. Such reimbursement is expected to be in an amount equal to approximately $300,000, which is expected to be paid in May 2025. The foregoing summary of the Cooperation Agreement does not purport to be complete and is subject to, and qualified in its entirety, by the full text of the Cooperation Agreement, which filed as Exhibit 10.5 to this Form 10-Q.
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