Activist Engaged Capital Sets Sights On Portillo's -- Market Talk

Dow Jones08-16

0719 ET - Activist investor Engaged Capital, which last year won changes at Shake Shack, has a new fast-casual target in hot-dog chain Portillo's. In an SEC filing, Engaged says it's built a 9.9% stake in Portillo's and has already been in communication with the company's board and management team on steps to optimize restaurant performance and improve restaurant-level cash on cash returns. Engaged says it may also push Portillo's to explore a sale. Portillo's up 2% premarket to $12.10. (colin.kellaher@wsj.com)

(END) Dow Jones Newswires

August 16, 2024 07:19 ET (11:19 GMT)

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