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Tuesday, May 24, 2022

BJ’s Files Shelf Offering

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BJ’s Restaurants Inc. (Nasdaq: BJRI) filed a shelf registration with the Securities & Exchange Commission Thursday.

The company’s prospectus outlined authorized shares totaling 125 million in common stock and 5 million of preferred stock.

BJ’s cited in its shelf offering the pandemic’s hit to its operations, financials and cash flows. It pointed to uncertainty about when it would be able to begin operating at full capacity again.

The company has so far temporarily shuttered four of its 209 restaurants in response to the coronavirus. All open doors currently offer take-out or delivery service. The company also furloughed some 16,000 restaurant workers in early April, followed by another round of cost-cutting efforts that included manager and some corporate office furloughs. Executive compensation has also been reduced in some cases.

BJ’s shares closed down about 4% Thursday for a market cap of $315 million.

Go here for more updates on how OC companies are responding to the coronavirus pandemic.

For ongoing, in-depth coverage of COVID-19’s effects on OC businesses, see the Monday print edition of the Business Journal.

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