{"id":820982,"date":"2025-03-03T19:02:59","date_gmt":"2025-03-04T00:02:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-affirms-commitment-to-shareholder-value\/"},"modified":"2025-03-03T19:02:59","modified_gmt":"2025-03-04T00:02:59","slug":"portillos-affirms-commitment-to-shareholder-value","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-affirms-commitment-to-shareholder-value\/","title":{"rendered":"Portillo\u2019s Affirms Commitment to Shareholder Value"},"content":{"rendered":"

\nConfirms Receipt of Director Nominations from Engaged. No Shareholder Action Required at This Time.
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CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Portillo\u2019s Inc. (\u201cPortillo\u2019s\u201d or the \u201cCompany\u201d) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today confirmed that its Board of Directors has received a letter from an affiliate of Engaged Capital, LLC (\u201cEngaged Capital\u201d) stating that it intends to nominate two director candidates to stand for election to the Company\u2019s Board of Directors at Portillo\u2019s 2025 Annual Meeting of Shareholders. Portillo\u2019s issued the following statement:<\/p>\n

The Portillo\u2019s Board of Directors and management team are focused on driving value for all shareholders and best positioning Portillo\u2019s to deliver lasting growth and profitability. Under the Board\u2019s oversight, the Portillo\u2019s management team continues to take decisive action to drive traffic, improve margins and deliver industry-leading unit economics for shareholders.<\/p>\n

At the restaurant level, Portillo\u2019s is driving results through the launch of its Portillo\u2019s Perks loyalty program, kiosks, operational enhancements, and advertising beyond Chicagoland. The brand is also strategically expanding its restaurant count, leveraging the smaller Restaurant of the Future (ROTF) format and other potential upcoming formats to drive enhanced cash-on-cash returns.<\/p>\n

Portillo\u2019s values the perspectives of all of its shareholders, and has held numerous meetings with representatives of Engaged Capital to better understand their views and recommendations on the business. The Company takes action on constructive feedback and great ideas from any source, such as adding Jack Hartung to its Board after Engaged Capital facilitated an introduction.<\/p>\n

The Board will present its formal recommendation regarding director nominations in the Company\u2019s proxy materials to be filed with the U.S. Securities and Exchange Commission and mailed to all shareholders eligible to vote at the 2025 Annual Meeting.<\/p>\n

Portillo\u2019s shareholders do not need to take any action at this time.<\/p>\n

\n Advisors<\/strong>
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BofA Securities is serving as financial advisor, and Sidley Austin LLP is serving as legal counsel to Portillo\u2019s.<\/p>\n

\n About Portillo\u2019s<\/strong>
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In 1963, Dick Portillo invested $1,100 into a small trailer to open the first Portillo\u2019s hot dog stand in Villa Park, IL, which he called \u201cThe Dog House.\u201d Years later, Portillo\u2019s (NASDAQ: PTLO) has grown to more than 90 restaurants across 10 states. Portillo\u2019s is best known for its Chicago-style hot dogs, Italian beef sandwiches, char-grilled burgers, fresh salads and famous chocolate cake. Download the Portillo\u2019s App for iOS or Android or visit Portillo\u2019s website to order ahead for pickup or delivery and get the best dill on these bun-believably delicious Chicago-style favorites and more. Portillo\u2019s also ships food to all 50 states via its website.<\/p>\n

\n Forward Looking Statements <\/strong>
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This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business, and are based on currently available operating, financial and competitive information which are subject to various risks and uncertainties, so you should not place undue reliance on forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “commit,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions.<\/p>\n

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:<\/p>\n