A group of "disappointed" shareholders said it wants changes made on the board of Good Times Restaurants Inc.
Shareholders Delta Partners and REIT Redux sent the Lakewood hamburger chain (Nasdaq: GTIM) a letter on Nov. 10, expressing disappointment with the company's performance.
"As two of the largest shareholders of Good Times Restaurants Inc. we have been extremely disappointed with the company’s current level of profitability, which remains low even in the face of a large recent increase in sales. This lack of profitability has contributed to a severely depressed share price. As we have previously expressed, we believe that a sustained emphasis on improving productivity at all levels of the Company is necessary. While we have been open to a constructive dialogue at the board level to initiate the necessary steps, we are now convinced that a change in the company’s board of directors is necessary to achieve results," they wrote in a letter, adding that if their slate of candidates are elected to the board at the annual shareholders' meeting, they intend to cut down the board's membership from seven to five people.
Read more at the Denver Business Journal: http://bit.ly/2zKD6WR