Red Robin board members resign following financial restructuring
James C. Pappas and Christopher Martin have stepped down from the Red Robin Gourmet Burgers board as the company completes its refranchising and a $115 million credit facility.
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) announced that directors James C. Pappas and Christopher Martin have resigned from the board of directors. The departures coincide with the formal completion of the company's multi-year refranchising program.
The board changes follow the finalization of a new $115 million credit facility. This financing is intended to provide the restaurant chain with greater balance sheet stability following the transition of a significant portion of its corporate-owned locations to franchise partners.
With these strategic initiatives largely complete, the company is shifting its focus toward operational execution under its new financial structure. Red Robin has not provided a timeline for replacing the outgoing directors.