Red Robin Gourmet Burgers, Inc., a casual dining restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, together with JCP Investment Management, LLC (“JCP”) and Jumana Capital (“Jumana”), announced that James Pappas, Managing Member of JCP, and Chris Martin, Managing Director of Jumana, resigned from the Board of Directors of Red Robin, effective October 23, 2026. Pappas and Martin joined the Board in December 2024 in connection with an additional investment in Red Robin by Jumana and JCP. The strategic objectives behind that investment have now been substantially achieved.
In connection with the resignations, the Board will decrease to six directors, five of whom will be independent.
Since December 2024, Red Robin has meaningfully strengthened its operating and financial position under its First Choice Plan. The Company has refreshed its menu, deepened its leadership team, improved restaurant-level margins, and advanced its refranchising program by selling more than 100 Company-operated restaurants.
Earlier this month, these efforts enabled the Company to refinance its prior credit agreement with a new five-year, $115 million senior secured commercial bank credit facility led by JPMorgan Chase Bank, N.A. The new facility, consisting of a $90 million term loan and a $25 million revolving credit facility, carries meaningfully lower borrowing costs than the prior agreement and gives management greater flexibility to continue executing its First Choice Plan.
“When we invested in Red Robin, we saw an iconic brand with a clear opportunity to improve operations and strengthen the balance sheet,” said James Pappas and Chris Martin. “Dave Pace and his team have executed on that opportunity. The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing, which positions management to focus on growing the business rather than managing leverage.”
“On behalf of our management team and our Board, I want to express our appreciation for James and Chris and their contributions and collaboration in the boardroom and their unwavering confidence in the management team as we navigated a highly complex path to firming up our balance sheet and our financial foundation,” said Dave Pace, CEO and president of Red Robin.
Pappas and Martin continued, “This is the right time for us to step off the Board. We have great confidence in the leadership team and our fellow directors, and we believe Red Robin is well positioned to build on its momentum.”
Additional information can be found in the Company’s Form 8-K filed today with the Securities and Exchange Commission.
Red Robin Gourmet Burgers, Inc., a casual dining restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, together with JCP Investment Management, LLC (“JCP”) and Jumana Capital (“Jumana”), announced that James Pappas, Managing Member of JCP, and Chris Martin, Managing Director of Jumana, resigned from the Board of Directors of Red Robin, effective October 23, 2026. Pappas and Martin joined the Board in December 2024 in connection with an additional investment in Red Robin by Jumana and JCP. The strategic objectives behind that investment have now been substantially achieved.
In connection with the resignations, the Board will decrease to six directors, five of whom will be independent.
Since December 2024, Red Robin has meaningfully strengthened its operating and financial position under its First Choice Plan. The Company has refreshed its menu, deepened its leadership team, improved restaurant-level margins, and advanced its refranchising program by selling more than 100 Company-operated restaurants.
Earlier this month, these efforts enabled the Company to refinance its prior credit agreement with a new five-year, $115 million senior secured commercial bank credit facility led by JPMorgan Chase Bank, N.A. The new facility, consisting of a $90 million term loan and a $25 million revolving credit facility, carries meaningfully lower borrowing costs than the prior agreement and gives management greater flexibility to continue executing its First Choice Plan.
“When we invested in Red Robin, we saw an iconic brand with a clear opportunity to improve operations and strengthen the balance sheet,” said James Pappas and Chris Martin. “Dave Pace and his team have executed on that opportunity. The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing, which positions management to focus on growing the business rather than managing leverage.”
“On behalf of our management team and our Board, I want to express our appreciation for James and Chris and their contributions and collaboration in the boardroom and their unwavering confidence in the management team as we navigated a highly complex path to firming up our balance sheet and our financial foundation,” said Dave Pace, CEO and president of Red Robin.
Pappas and Martin continued, “This is the right time for us to step off the Board. We have great confidence in the leadership team and our fellow directors, and we believe Red Robin is well positioned to build on its momentum.”
Additional information can be found in the Company’s Form 8-K filed today with the Securities and Exchange Commission.
